Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | ||
Apr. 03, 2014 | Apr. 25, 2014 | Apr. 25, 2014 | |
Class A [Member] | Class B [Member] | ||
Class Of Stock [Line Items] | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 127,506,422 | 17,212,760 |
Entity Registrant Name | 'Spirit AeroSystems Holdings, Inc. | ' | ' |
Entity Central Index Key | '0001364885 | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End Date | 3-Apr-14 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q1 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Amendment Flag | 'false | ' | ' |
Trading Symbol | 'SPR | ' | ' |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Millions, except Per Share data, unless otherwise specified | Apr. 03, 2014 | Mar. 28, 2013 |
Revenues [Abstract] | ' | ' |
Net revenues | $1,728.50 | $1,442.20 |
Operating costs and expenses | ' | ' |
Cost of sales | 1,467.30 | 1,237.10 |
Selling, general and administrative | 60.5 | 44.3 |
Impact from severe weather event | 0 | 8.8 |
Research and development | 6.3 | 7.5 |
Total operating costs and expenses | 1,534.10 | 1,297.70 |
Operating income | 194.4 | 144.5 |
Interest expense and financing fee amortization | -35.4 | -17.6 |
Interest income | 0.1 | 0.1 |
Other income (expense), net | 1.2 | -9.9 |
Income before income taxes and equity in net income (loss) of affiliates | 160.3 | 117.1 |
Income tax provision | -6.9 | -35.7 |
Income before equity in net income (loss) of affiliates | 153.4 | 81.4 |
Equity in net income (loss) of affiliates | 0.2 | -0.2 |
Net income | $153.60 | $81.20 |
Earnings per share | ' | ' |
Basic (in dollars per share) | $1.08 | $0.57 |
Diluted (in dollars per share) | $1.07 | $0.57 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2014 | Mar. 28, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net income | $153.60 | $81.20 |
Changes in other comprehensive income, net of tax: | ' | ' |
Pension, SERP, and Retiree medical adjustments, net of tax effect of zero for each of the three months ended, respectively | 0 | 0.3 |
Unrealized foreign exchange (loss) on intercompany loan, net of tax effect of $0.1 and $1.0 for each of the three months ended, respectively | -0.2 | -3.3 |
Foreign currency translation adjustments | 0.4 | -10.5 |
Total other comprehensive income (loss) | 0.2 | -13.5 |
Total comprehensive income | $153.80 | $67.70 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Unaudited) (Parentheticals) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2014 | Mar. 28, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Pension and other postretirement benefit plans, tax | $0 | $0 |
Unrealized exchange (loss) on intercompany loan, tax | $0.10 | $1 |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Apr. 03, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $382.10 | $420.70 |
Short-term investments | 0.3 | 0 |
Restricted cash | 72.8 | 0 |
Accounts receivable, net | 746.5 | 550.8 |
Inventory, net | 1,868.90 | 1,842.60 |
Deferred tax asset - current | 24.2 | 26.9 |
Other current assets | 22.6 | 103.2 |
Total current assets | 3,117.40 | 2,944.20 |
Property, plant and equipment, net | 1,800.80 | 1,803.30 |
Pension assets | 262.3 | 252.6 |
Other assets | 121.5 | 107.1 |
Total assets | 5,302 | 5,107.20 |
Current liabilities | ' | ' |
Accounts payable | 758.1 | 753.7 |
Accrued expenses | 253.6 | 220.6 |
Profit sharing | 16.7 | 38.4 |
Current portion of long-term debt | 81.6 | 16.8 |
Advance payments, short-term | 54.8 | 133.5 |
Deferred revenue, short-term | 25 | 19.8 |
Deferred grant income liability - current | 8.9 | 8.6 |
Other current liabilities | 129 | 144.2 |
Total current liabilities | 1,327.70 | 1,335.60 |
Liabilities Noncurrent | ' | ' |
Long-term debt | 1,152.80 | 1,150.50 |
Advance payments, long-term | 777 | 728.9 |
Pension/OPEB obligation | 71.2 | 69.8 |
Deferred grant income liability - non-current | 105.9 | 108.2 |
Deferred revenue and other deferred credits | 30 | 30.9 |
Other liabilities | 199.3 | 202.3 |
Stockholders' Equity Attributable to Parent [Abstract] | ' | ' |
Preferred stock, par value $0.01, 10,000,000 shares authorized, no shares issued | 0 | 0 |
Additional Paid in Capital [Abstract] | ' | ' |
Additional paid-in capital | 1,028.20 | 1,025 |
AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract | ' | ' |
Accumulated other comprehensive (loss) | -54.4 | -54.6 |
Retained Earnings Accumulated Deficit [Abstract] | ' | ' |
Retained earnings | 662.3 | 508.7 |
Total shareholdersb equity | 1,637.60 | 1,480.50 |
Noncontrolling interest | 0.5 | 0.5 |
Total equity | 1,638.10 | 1,481 |
Total liabilities and equity | 5,302 | 5,107.20 |
Class A [Member] | ' | ' |
Stockholders' Equity Attributable to Parent [Abstract] | ' | ' |
Common stock | 1.3 | 1.2 |
Class B [Member] | ' | ' |
Stockholders' Equity Attributable to Parent [Abstract] | ' | ' |
Common stock | $0.20 | $0.20 |
Consolidated_Balance_Sheets_Un1
Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Apr. 03, 2014 | Dec. 31, 2013 |
Shareholders' equity | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Class A [Member] | ' | ' |
Shareholders' equity | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 127,540,704 | 120,946,429 |
Class B [Member] | ' | ' |
Shareholders' equity | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 17,224,491 | 23,851,694 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2014 | Mar. 28, 2013 |
Operating activities | ' | ' |
Net income | $153.60 | $81.20 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ' | ' |
Depreciation expense | 41.3 | 39.3 |
Amortization expense | 4.7 | 1.3 |
Amortization of deferred financing fees | 15.7 | 1.5 |
Accretion of customer supply agreement | 0.1 | 0.1 |
Employee stock compensation expense | 3.7 | 3.7 |
Excess tax benefit of share-based payment arrangements | -0.5 | 0 |
(Gain) from the ineffectiveness of hedge contracts | -0.6 | -0.8 |
Loss from foreign currency transactions | 1.8 | 10.2 |
(Gain) on disposition of assets | 0 | -0.1 |
Deferred taxes | -0.3 | 18.6 |
Long-term tax provision | 0 | 0.7 |
Pension and other post retirement benefits, net | -8 | -3.3 |
Grant income | -2 | -1.6 |
Equity in net (income) loss of affiliates | -0.2 | 0.2 |
Changes in assets and liabilities | ' | ' |
Accounts receivable | -196.7 | -167.7 |
Inventory, net | -51.6 | -94.4 |
Accounts payable and accrued liabilities | 50.6 | 71.4 |
Profit sharing/deferred compensation | -21.7 | -10 |
Advance payments | -30.6 | -12 |
Income taxes receivable/payable | 72.5 | 2.1 |
Deferred revenue and other deferred credits | 4.8 | -0.7 |
Other | 8.4 | 14.9 |
Net cash provided by (used in) operating activities | 45 | -45.4 |
Investing activities | ' | ' |
Purchase of property, plant and equipment | -53 | -74.4 |
Purchase of property, plant and equipment - severe weather event (see Note 4) | 0 | -5.8 |
Proceeds from sale of assets | 0.1 | 0.1 |
Consolidation of variable interest entity | 0 | 2.1 |
Net cash (used in) investing activities | -52.9 | -78 |
Financing activities | ' | ' |
Proceeds from issuance of bonds | 300 | 0 |
Principal payments of debt | -9.5 | -2.6 |
Payments on bonds | -227.2 | 0 |
Excess tax benefit of share-based payment arrangements | 0.5 | 0 |
Debt issuance and financing costs | -19.2 | 0 |
Change in restricted cash | -72.8 | 0 |
Net cash (used in) financing activities | -28.2 | -2.6 |
Effect of exchange rate changes on cash and cash equivalents | -2.5 | -1.6 |
Net (decrease) in cash and cash equivalents for the period | -38.6 | -127.6 |
Cash and cash equivalents, beginning of period | 420.7 | 440.7 |
Cash and cash equivalents, end of period | $382.10 | $313.10 |
Organization_and_Basis_of_Inte
Organization and Basis of Interim Presentation | 3 Months Ended |
Apr. 03, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Basis of Interim Presentation | ' |
Organization and Basis of Interim Presentation | |
Spirit AeroSystems Holdings, Inc. ("Holdings" or the "Company") was incorporated in the state of Delaware on February 7, 2005, and commenced operations on June 17, 2005 through the acquisition of The Boeing Company's ("Boeing") operations in Wichita, Kansas, Tulsa, Oklahoma and McAlester, Oklahoma (the "Boeing Acquisition"). Holdings provides manufacturing and design expertise in a wide range of products and services for aircraft original equipment manufacturers and operators through its subsidiary, Spirit AeroSystems, Inc. ("Spirit"). Onex Corporation ("Onex") of Toronto, Canada and certain of its affiliates maintain majority voting power of Holdings. The Company has its headquarters in Wichita, Kansas, with manufacturing facilities in Tulsa and McAlester, Oklahoma; Prestwick, Scotland; Wichita, Kansas; Kinston, North Carolina and Subang, Malaysia. The Company has assembly facilities in Saint-Nazaire, France, and Chanute, Kansas. The Company is the majority participant in the Kansas Industrial Energy Supply Company ("KIESC"), a tenancy-in-common with other Wichita companies established to purchase natural gas. The Company participates in a joint venture, Taikoo Spirit AeroSystems Composite Co. Ltd. ("TSACCL"), of which Spirit's ownership interest is 31.5%. TSACCL was formed to develop and implement a state of the art composite and metal bond component repair station in the Asia-Pacific region. | |
The accompanying unaudited interim condensed consolidated financial statements include the Company’s financial statements and the financial statements of its majority-owned or controlled subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and the instructions to Form 10-Q and Article 10 of Regulation S-X. The Company uses a quarter convention based upon working days, adjusted for calendar year constraints; as such, there were four additional work days for period the ended April 3, 2014 as compared to the same period in the prior year. The year-end condensed balance sheet was derived from audited financial statements, but does not include all disclosures required by GAAP. The Company's investment in TSACCL, in which the Company does not have a controlling interest, is accounted for under the equity method. KIESC is fully consolidated as the Company owns 77.8% of the entity’s equity. All intercompany balances and transactions have been eliminated in consolidation. The Company’s U.K. subsidiary uses local currency, the British pound, as its functional currency; the Malaysian subsidiary uses the British pound and the Singapore subsidiary uses the Singapore dollar. All other foreign subsidiaries and branches use the U.S. dollar as their functional currency. | |
As part of the monthly consolidation process, our international entities that have functional currencies other than the U.S. dollar are translated to U.S. dollars using the end-of-month translation rate for balance sheet accounts and average period currency translation rates for revenue and income accounts. | |
In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the results of operations for the interim periods. The results of operations for the three months ended April 3, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. Certain reclassifications have been made to the prior year financial statements and notes to conform to the 2014 presentation. | |
In connection with the preparation of the condensed consolidated financial statements, the Company evaluated subsequent events through the date the financial statements were issued. On April 8, 2014, Spirit and Boeing entered into a memorandum of agreement ("MOA") related to both Spirit's long-term supply agreement for the B737, B747, B767 and B777 aircraft (the "Supply Agreement") and Spirit's long-term supply agreement with Boeing for the B787 aircraft (the "B787 Supply Agreement"). With respect to the Supply Agreement, the MOA, among other things, waives certain amounts due to either party and contains an agreement on pricing for the B737, B747, B767 and B777 for the period April 1, 2014 through December 31, 2015. With respect to the 787 Supply Agreement, the MOA suspends advance repayments for a period of twelve months beginning April 1, 2014, which repayment will be made by offset against the purchase price for shipset 1,001 and beyond. Our financial results for the three months ended April 3, 2014 incorporate the provisions of the MOA. The interim financial statements should be read in conjunction with the audited consolidated financial statements, including the notes thereto, included in our 2013 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 19, 2014 (the “2013 Form 10-K”). |
New_Accounting_Pronouncements
New Accounting Pronouncements | 3 Months Ended |
Apr. 03, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
New Accounting Pronouncements | ' |
New Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (FASB ASU 2014-08). This update changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. The provisions of FASB ASU 2014-08 are effective in annual periods beginning on or after December 15, 2014 and interim periods within those annual periods. The Company is currently evaluating the new guidance to determine the impact it may have to its consolidated financial statements. | |
In July 2013, the FASB issued Accounting Standards Update No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (FASB ASU 2013-11). This update was issued to give explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The provisions of FASB ASU 2013-11 are effective for fiscal years and interim periods beginning after December 15, 2013. The adoption of the provisions of this update did not have a material impact on the Company’s consolidated financial statements. | |
In July 2013, the FASB issued Accounting Standards Update No. 2013-10, Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (FASB ASU 2013-10). The amendments in this update permit the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge accounting purposes, in addition to UST and LIBOR. The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendment is effective for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of the provisions of FASB ASU 2013-10 did not have a material impact on the Company’s consolidated financial statements. | |
In December 2011, the FASB issued Accounting Standards Update No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (FASB ASU 2011-11). The amendments in this update will require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The intention is to enhance required disclosures by improving information about financial instruments and derivative instruments that are either offset in accordance with FASB guidance or are subject to an enforceable master netting arrangement; irrespective of whether they are offset in accordance with FASB guidance. The provisions of FASB ASU 2011-11 are effective for annual and interim reporting periods beginning on or after January 1, 2013. The adoption of the provisions of FASB ASU 2011-11 did not have a material impact on the Company’s consolidated financial statements. |
Changes_in_Estimates
Changes in Estimates | 3 Months Ended |
Apr. 03, 2014 | |
Changes in Estimates [Abstract] | ' |
Changes In Estimates | ' |
Changes in Estimates | |
The Company accounts for its long-term contracts using the percentage-of-completion method which requires judgment relative to assessing risks, estimating contract revenues and related costs over the current contract blocks, and making assumptions for schedule and technical issues. Contract estimates are inherently complex and subject to significant variability in estimates of the cost and time required to complete the work. Most of the Company’s contracts are fixed price and contract revenues are known at the inception of the contract; however, contract cost estimates can change frequently as the programs mature and changes in assumptions and/or new developments become known. Contract costs are estimated based on actual costs incurred to date and an estimate of remaining costs over the current contract block, which can extend for multiple years. When adjustments in estimated total contract block revenue or estimated total costs are required, any changes from prior estimates are recognized in the current period for the inception-to-date effect of such changes. When estimates of total costs to be incurred on a contract exceed estimates of total revenue to be earned, a provision for the entire loss on the contract is recorded in the period in which the loss is determined. | |
Results of operations during first quarter of 2014 include the favorable impact of cumulative catch-up adjustments of $16.6 relating to periods prior to 2014, primarily associated with productivity and efficiency improvements on mature programs. Also, in the first quarter of 2014, the Company recognized forward loss charges of $0.9 and $0.3 on its Bell V280 helicopter and G280 wing programs, respectively. Results of operations during the first quarter of 2013 include the favorable impact of cumulative catch-up adjustments of $20.3 relating to periods prior to 2013, primarily associated with productivity and efficiency improvements on mature programs, partially offset by unfavorable performance on the A350 recurring and non-recurring programs. Also in the first quarter of 2013, the Company recognized a forward loss charge of $15.3 on its B787 wing program. | |
The Company is currently working on several new and maturing programs, which are in various stages of development including the B787, A350, G280 and G650 programs. These programs carry risks associated with design responsibility, development of production tooling, production inefficiencies during the initial phases of production, hiring and training of qualified personnel, increased capital and funding commitments, supplier performance, delivery schedules and unique customer requirements. The Company has previously recorded forward loss charges on these programs. If the risks related to these programs are not mitigated, then the Company could record additional forward loss charges. |
Severe_Weather_Event
Severe Weather Event | 3 Months Ended |
Apr. 03, 2014 | |
Impact From Severe Weather Event [Abstract] | ' |
Impact From Severe Weather Event | ' |
Impact from Severe Weather Event | |
On April 14, 2012, during a severe weather event, the Company’s Wichita, Kansas facility, which includes its headquarters and manufacturing facilities for all Boeing models as well as operations for maintenance, repair and overhaul support and services (MRO), was hit by a tornado which caused significant damage to many buildings, disrupted utilities and resulted in a short suspension of production. Over the last two years, the Company used proceeds from a global insurance settlement to restore, clean-up and repair damages to its Wichita facility. Expenditures associated with Impact from Severe Weather Event concluded in 2013. | |
The Company recorded a charge of $8.8 for the three months ended March 28, 2013 related to the severe weather event, which represents continuing incremental freight, warehousing, facilities restoration and other costs which are recorded as incurred. |
Accounts_Receivable_net
Accounts Receivable, net | 3 Months Ended | |||||||
Apr. 03, 2014 | ||||||||
Accounts Receivable, Net, Current [Abstract] | ' | |||||||
Accounts Receivable, net | ' | |||||||
Accounts Receivable, net | ||||||||
Accounts receivable, net consists of the following: | ||||||||
April 3, | December 31, | |||||||
2014 | 2013 | |||||||
Trade receivables (1)(2)(3) | $ | 737.9 | $ | 544.2 | ||||
Other | 8.9 | 6.8 | ||||||
Less: allowance for doubtful accounts | (0.3 | ) | (0.2 | ) | ||||
Accounts receivable, net | $ | 746.5 | $ | 550.8 | ||||
-1 | Includes unbilled receivables of $35.3 and $33.5 at April 3, 2014 and December 31, 2013, respectively. | |||||||
-2 | Includes $135.1 held in retainage by a customer at April 3, 2014 and December 31, 2013. | |||||||
-3 | Includes $21.8 and $24.6 of withheld payments by a customer pending completion of retrofit work at April 3, 2014 and December 31, 2013, respectively. | |||||||
Accounts receivable, net includes unbilled receivables on long-term aerospace contracts, comprised principally of revenue recognized on contracts for which amounts were earned but not contractually billable as of the balance sheet date, or amounts earned in which the recovery will occur over the term of the contract, which could exceed one year. | ||||||||
Also included in accounts receivable are amounts held in retainage which, as of April 3, 2014, are all related to Gulfstream and represent amounts due on G650 deliveries from 2010 through the third quarter of 2013. While the Company believes that the short-paid amount is collectible, if the Company is unable to collect this amount or if it becomes part of an overall settlement or arbitration award, recognition of additional forward losses on the G650 program could be required and the future cash flows of the Company could be significantly impacted. See Note 21, "Commitments, Contingencies and Guarantees," for further discussion regarding the Company's arbitration against Gulfstream Aerospace Corporation. |
Inventory
Inventory | 3 Months Ended | |||||||||||||||||||||||
Apr. 03, 2014 | ||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||||||||||||||
Inventory | ' | |||||||||||||||||||||||
Inventory | ||||||||||||||||||||||||
Inventories are summarized as follows: | ||||||||||||||||||||||||
April 3, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Raw materials | $ | 262.1 | $ | 240.2 | ||||||||||||||||||||
Work-in-process | 1,009.00 | 1,057.80 | ||||||||||||||||||||||
Finished goods | 46.8 | 43.7 | ||||||||||||||||||||||
Product inventory | 1,317.90 | 1,341.70 | ||||||||||||||||||||||
Capitalized pre-production | 463.2 | 486.2 | ||||||||||||||||||||||
Deferred production | 1,757.20 | 1,661.20 | ||||||||||||||||||||||
Forward loss provision | (1,669.4 | ) | (1,646.5 | ) | ||||||||||||||||||||
Total inventory, net | $ | 1,868.90 | $ | 1,842.60 | ||||||||||||||||||||
Capitalized pre-production costs include certain contract costs, including applicable overhead, incurred before a product is manufactured on a recurring basis. Significant statement of work changes considered not reimbursable by the customer can also cause pre-production costs to be incurred. These costs are typically recovered over a certain number of shipset deliveries and the Company believes these amounts will be fully recovered. | ||||||||||||||||||||||||
Deferred production includes costs for the excess of production costs over the estimated average cost per shipset, and credit balances for favorable variances on contracts between actual costs incurred and the estimated average cost per shipset for units delivered under the current production blocks. Recovery of excess-over-average deferred production costs is dependent on the number of shipsets ultimately sold and the ultimate selling prices and lower production costs associated with future production under these contract blocks. The Company believes these amounts will be fully recovered. Sales significantly under estimates or costs significantly over estimates could result in the realization of losses on these contracts in future periods. | ||||||||||||||||||||||||
Provisions for anticipated losses on contract blocks are recorded in the period in which they become evident (“forward losses”) and included in inventory with any remaining amount reflected in accrued contract liabilities. | ||||||||||||||||||||||||
Non-recurring production costs include design and engineering costs and test articles. | ||||||||||||||||||||||||
Inventories are summarized by platform and costs below: | ||||||||||||||||||||||||
3-Apr-14 | ||||||||||||||||||||||||
Product Inventory | ||||||||||||||||||||||||
Inventory | Non-Recurring | Capitalized Pre- | Deferred | Forward Loss | Total Inventory, | |||||||||||||||||||
Production | Production | Provision(1) (2) | net April 3, 2014 | |||||||||||||||||||||
B747(3) | $ | 92.1 | $ | 0.1 | $ | 3.4 | $ | (1.6 | ) | $ | (32.3 | ) | $ | 61.7 | ||||||||||
B787 | 246.9 | 14.4 | 143.5 | 580.6 | (605.1 | ) | 380.3 | |||||||||||||||||
Boeing - All other platforms(4) | 406.1 | 1.1 | 7 | (17.8 | ) | (18.3 | ) | 378.1 | ||||||||||||||||
A350 | 189.6 | 53 | 76 | 445 | (120.9 | ) | 642.7 | |||||||||||||||||
Airbus - All other platforms | 81.2 | — | — | 17.4 | — | 98.6 | ||||||||||||||||||
G280(5) | 46.6 | — | 4.7 | 257 | (308.3 | ) | — | |||||||||||||||||
G650 | 64.2 | — | 186.9 | 402.7 | (450.8 | ) | 203 | |||||||||||||||||
Rolls-Royce(6) | 19.7 | — | 41.7 | 72.3 | (133.7 | ) | — | |||||||||||||||||
Sikorsky | 0.5 | 7.2 | — | — | — | 7.7 | ||||||||||||||||||
Bombardier C-Series | 7.2 | — | — | 1.6 | — | 8.8 | ||||||||||||||||||
Aftermarket | 43.4 | — | — | — | — | 43.4 | ||||||||||||||||||
Other platforms(7) | 43.5 | 1.1 | — | — | — | 44.6 | ||||||||||||||||||
Total | $ | 1,241.00 | $ | 76.9 | $ | 463.2 | $ | 1,757.20 | $ | (1,669.4 | ) | $ | 1,868.90 | |||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Product Inventory | ||||||||||||||||||||||||
Inventory | Non-Recurring | Capitalized Pre- | Deferred | Forward Loss | Total Inventory, | |||||||||||||||||||
Production | Production | Provision(1) (2) | net December 31, | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
B747(3) | $ | 96.4 | $ | 0.1 | $ | 4.4 | $ | 1 | $ | (37.2 | ) | $ | 64.7 | |||||||||||
B787 | 263.9 | 14.7 | 158.2 | 597.3 | (606.0 | ) | 428.1 | |||||||||||||||||
Boeing - All other platforms(4) | 421.4 | 11.5 | 7 | (21.7 | ) | (18.6 | ) | 399.6 | ||||||||||||||||
A350 | 166.7 | 42.5 | 76.5 | 388.8 | (120.8 | ) | 553.7 | |||||||||||||||||
Airbus - All other platforms | 83.2 | — | — | 18.8 | — | 102 | ||||||||||||||||||
G280(5) | 46.9 | — | 4.9 | 233.7 | (285.5 | ) | — | |||||||||||||||||
G650 | 59.2 | — | 192.7 | 373.3 | (450.8 | ) | 174.4 | |||||||||||||||||
Rolls-Royce(6) | 15.8 | — | 42.5 | 69.3 | (127.6 | ) | — | |||||||||||||||||
Sikorsky | — | 5.4 | — | — | — | 5.4 | ||||||||||||||||||
Bombardier C-Series | 9.1 | — | — | 0.7 | — | 9.8 | ||||||||||||||||||
Aftermarket | 37 | — | — | — | — | 37 | ||||||||||||||||||
Other platforms(7) | 67.1 | 0.8 | — | — | — | 67.9 | ||||||||||||||||||
Total | $ | 1,266.70 | $ | 75 | $ | 486.2 | $ | 1,661.20 | $ | (1,646.5 | ) | $ | 1,842.60 | |||||||||||
-1 | Forward loss charges taken since January 1, 2012 on blocks that have not closed. | |||||||||||||||||||||||
-2 | Forward loss charges taken through December 31, 2011 were reflected within capitalized pre-production and inventory for the respective programs and are therefore not reflected as part of the Forward Loss Provision figure presented. The cumulative forward loss charges, net of contract liabilities, reflected within capitalized pre-production and inventory were $3.0, $177.6 and $29.0 for the A350 XWB, G280 and Sikorsky programs, respectively. | |||||||||||||||||||||||
-3 | Forward loss provision of $41.1 recorded on the fuselage portion of the B747 program in 2013 exceeded the total inventory balance. The excess of charge over program inventory is classified as a contract liability and reported in other current liabilities. The total contract liability was $8.8 and $3.9 as of April 3, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||
-4 | Forward loss provision of $11.6 recorded in 2013 on the B767 program, of which $7.5 related to propulsion which exceeded the inventory balance for the propulsion portion of the program. The excess of charge over program inventory is classified as a contract liability and reported in other current liabilities. The total contract liability was $6.1 and $5.8 as of April 3, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||
-5 | Forward loss provision of $240.9 recorded in 2013 exceeded the total inventory balance. The excess of charge over program inventory is classified as a contract liability and reported in other current liabilities. The total contract liability was $51.7 and $74.2 as of April 3, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||
-6 | Forward loss provision of $151.0 recorded in 2012 exceeded the total inventory balance. In 2013, a forward loss provision of $21.7 and a forward loss reduction of $8.4 were recorded. The excess of the charge over program inventory is classified as a contract liability and reported in other current liabilities. The total contract liability was $30.6 and $36.7 as of April 3, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||
-7 | Includes over-applied and under-applied overhead. | |||||||||||||||||||||||
The following is a roll forward of the capitalized pre-production costs included in the inventory balance at April 3, 2014: | ||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 486.2 | ||||||||||||||||||||||
Charges to costs and expenses | (23.2 | ) | ||||||||||||||||||||||
Capitalized costs | 0.2 | |||||||||||||||||||||||
Balance, April 3, 2014 | $ | 463.2 | ||||||||||||||||||||||
The following is a roll forward of the deferred production costs included in the inventory balance at April 3, 2014: | ||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 1,661.20 | ||||||||||||||||||||||
Charges to costs and expenses | (89.9 | ) | ||||||||||||||||||||||
Capitalized costs | 185.5 | |||||||||||||||||||||||
Exchange rate | 0.4 | |||||||||||||||||||||||
Balance, April 3, 2014 | $ | 1,757.20 | ||||||||||||||||||||||
Significant amortization of capitalized pre-production and deferred production inventory will occur over the following contract blocks: | ||||||||||||||||||||||||
Model | Contract Block | Orders(1) | ||||||||||||||||||||||
Quantity | ||||||||||||||||||||||||
B787 | 500 | 899 | ||||||||||||||||||||||
A350 XWB | 400 | 812 | ||||||||||||||||||||||
G280 | 250 | 98 | ||||||||||||||||||||||
G650 | 350 | 159 | ||||||||||||||||||||||
Rolls-Royce | 350 | 136 | ||||||||||||||||||||||
-1 | Orders are from the published firm-order backlogs of Airbus and Boeing. For all other programs, orders represent purchase orders received from OEMs and are not reflective of OEM sales backlog. Orders reported are total block orders, including delivered units. | |||||||||||||||||||||||
Current block deliveries are as follows: | ||||||||||||||||||||||||
Model | Current Block | |||||||||||||||||||||||
Deliveries | ||||||||||||||||||||||||
B787 | 195 | |||||||||||||||||||||||
A350 XWB | 13 | |||||||||||||||||||||||
Business/Regional Jets | 251 | |||||||||||||||||||||||
Contract block quantities are projected to fully absorb the balance of deferred production inventory. Capitalized pre-production and deferred production inventories are at risk to the extent that the Company does not achieve the orders in the forecasted blocks or if future actual costs exceed current projected estimates, as those categories of inventory are recoverable over future deliveries. In the case of capitalized pre-production this may be over multiple blocks. Should orders not materialize in future periods to fulfill the block, potential forward loss charges may be necessary to the extent the final delivered quantity does not absorb deferred inventory costs. |
Property_Plant_and_Equipment
Property, Plant and Equipment | 3 Months Ended | |||||||
Apr. 03, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment, net | ' | |||||||
Property, Plant and Equipment, net | ||||||||
Property, plant and equipment, net consists of the following: | ||||||||
April 3, | December 31, | |||||||
2014 | 2013 | |||||||
Land | $ | 17.9 | $ | 17.9 | ||||
Buildings (including improvements) | 568.5 | 566 | ||||||
Machinery and equipment | 1,113.30 | 1,084.00 | ||||||
Tooling | 807.2 | 801.6 | ||||||
Capitalized software | 199.2 | 172.2 | ||||||
Construction-in-progress | 105.1 | 130.2 | ||||||
Total | 2,811.20 | 2,771.90 | ||||||
Less: accumulated depreciation | (1,010.4 | ) | (968.6 | ) | ||||
Property, plant and equipment, net | $ | 1,800.80 | $ | 1,803.30 | ||||
Interest costs associated with construction-in-progress are capitalized until the assets are completed and ready for use. Capitalized interest was $1.0 and $1.0 for the three months ended April 3, 2014 and March 28, 2013 respectively. Repair and maintenance costs are expensed as incurred. The Company recognized repair and maintenance costs, excluding the impact of the severe weather event, of $23.9 and $22.2 for the three months ended April 3, 2014 and March 28, 2013, respectively. | ||||||||
The Company capitalizes certain costs, such as software coding, installation and testing, that are incurred to purchase or to create and implement internal-use computer software in accordance with FASB authoritative guidance pertaining to capitalization of costs for internal-use software. Depreciation expense related to capitalized software was $4.0 and $5.0 for the three months ended April 3, 2014 and March 28, 2013, respectively. | ||||||||
The Company reviews capital and amortizing intangible assets (long-lived assets) for impairment on an annual basis or whenever events or changes in circumstances indicate that the carrying amount may not be recoverable in accordance with FASB authoritative guidance on accounting for the impairment or disposal of long-lived assets. The Company evaluated the long-lived assets at our locations and determined no impairment was necessary. |
Other_Assets
Other Assets | 3 Months Ended | |||||||
Apr. 03, 2014 | ||||||||
Other Assets, Noncurrent [Abstract] | ' | |||||||
Other Assets | ' | |||||||
Other Assets | ||||||||
Other assets are summarized as follows: | ||||||||
April 3, | December 31, | |||||||
2014 | 2013 | |||||||
Intangible assets | ||||||||
Patents | $ | 1.9 | $ | 1.9 | ||||
Favorable leasehold interests | 6.3 | 6.3 | ||||||
Customer relationships | 28.7 | 28.7 | ||||||
Total intangible assets | 36.9 | 36.9 | ||||||
Less: Accumulated amortization - patents | (1.3 | ) | (1.3 | ) | ||||
Accumulated amortization - favorable leasehold interest | (3.2 | ) | (3.1 | ) | ||||
Accumulated amortization - customer relationships | (28.7 | ) | (27.8 | ) | ||||
Intangible assets, net | 3.7 | 4.7 | ||||||
Deferred financing | ||||||||
Deferred financing costs | 99.7 | 80.5 | ||||||
Less: Accumulated amortization - deferred financing costs (1) | (72.0 | ) | (56.3 | ) | ||||
Deferred financing costs, net | 27.7 | 24.2 | ||||||
Other | ||||||||
Goodwill - Europe | 3 | 3 | ||||||
Equity in net assets of affiliates | 1.6 | 1.4 | ||||||
Customer supply agreement (2) | 37 | 37.6 | ||||||
Other | 48.5 | 36.2 | ||||||
Total | $ | 121.5 | $ | 107.1 | ||||
-1 | Includes charges related to debt extinguishment. | |||||||
-2 | Under an agreement with our customer Airbus, certain payments accounted for as consideration given by the Company to Airbus are being amortized as a reduction to net revenues. | |||||||
The Company recognized $1.0 and $1.1 of amortization expense of intangibles for the three months ended April 3, 2014 and March 28, 2013, respectively. |
Milestone_Revenue_Recognition
Milestone Revenue Recognition | 3 Months Ended |
Apr. 03, 2014 | |
Revenue Recognition [Abstract] | ' |
Milestone Revenue Recognition | ' |
Research and Development Milestones | |
Milestone payments. Milestone payments are recognized as revenue when milestones are deemed to be substantive and are achieved. A substantive milestone is one that is based on successful performance by the Company and not solely contingent upon the passage of time or performance by another party. Milestone payments collected in advance that have significant future performance obligations are presented as advance payments or deferred revenue, and are recognized when the milestone is achieved. | |
As part of our ongoing participation in the B787-9 program, the Company received research and development milestone payments of $0.9 and $4.6 for the three months ended April 3, 2014 and March 28, 2013, respectively. Revenue and cost associated with the performance of this research and development are included in program revenue and costs. The Company expects to receive additional payments related to research and development on this program. |
Advance_Payments_and_Deferred_
Advance Payments and Deferred Revenue/Credits | 3 Months Ended | |||||||
Apr. 03, 2014 | ||||||||
Advance Payments And Deferred Revenue Credits [Abstract] | ' | |||||||
Advance Payments And Deferred Revenue Credits | ' | |||||||
Advance Payments and Deferred Revenue/Credits | ||||||||
Advance payments. Advance payments are those payments made to Spirit by third parties in contemplation of the future performance of services, receipt of goods, incurrence of expenditures, or for other assets to be provided by Spirit on a contract and are repayable if such obligation is not satisfied. The amount of advance payments to be recovered against units expected to be delivered within a year is classified as a short-term liability, with the balance of the unliquidated advance payments classified as a long-term liability. | ||||||||
On April 8, 2014, the Company signed a MOA with Boeing which suspends advance repayments related to the B787 program for a period of twelve months beginning April 1, 2014 which repayment will be made by offset against the purchase price for shipset 1,001 and beyond. | ||||||||
Deferred revenue/credits. Deferred revenue/credits generally consist of nonrefundable amounts received in advance of revenue being earned for specific contractual deliverables. These payments are classified as deferred revenue/credits when received and recognized as revenue as the production units are delivered. | ||||||||
Advance payments and deferred revenue/credits are summarized by platform as follows: | ||||||||
April 3, | December 31, | |||||||
2014 | 2013 | |||||||
B737 | $ | 18.1 | $ | 18.7 | ||||
B787 | 578.8 | 600.2 | ||||||
A350 XWB | 241.3 | 243.9 | ||||||
Airbus — All other platforms | 5.8 | 7.3 | ||||||
Gulfstream | 25.2 | 22 | ||||||
Other | 17.6 | 21 | ||||||
Total advance payments and deferred revenue/credits | $ | 886.8 | $ | 913.1 | ||||
Government_Grants
Government Grants | 3 Months Ended | |||
Apr. 03, 2014 | ||||
Government Grants [Abstract] | ' | |||
Government Grants | ' | |||
Government Grants | ||||
The Company received grants in the form of government funding for a portion of the site construction and other specific capital asset costs at our Kinston, North Carolina and Subang, Malaysia sites. Deferred grant income is being amortized as a reduction to production cost. This amortization is based on specific terms associated with the different grants. In North Carolina, the deferred grant income related to the capital investment criteria, which represents half of the grant, is being amortized over the lives of the assets purchased to satisfy the capital investment performance criteria. The other half of the deferred grant income is being amortized over a ten-year period in a manner consistent with the job performance criteria. In Malaysia, the deferred grant income is being amortized based on the lives of the eligible assets constructed with the grant funds as there are no performance criteria. | ||||
Deferred grant income liability, net consists of the following: | ||||
Balance, December 31, 2013 | $ | 116.8 | ||
Grant liability amortized | (0.3 | ) | ||
Grant income recognized | (1.7 | ) | ||
Total asset value related to deferred grant income, April 3, 2014 | $ | 114.8 | ||
The asset related to the deferred grant income consists of the following: | ||||
Balance, December 31, 2013 | $ | 120.3 | ||
Amortization | (1.3 | ) | ||
Exchange rate | 0.1 | |||
Total asset value related to deferred grant income, April 3, 2014 | $ | 119.1 | ||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | |||||||||||||||||||||||
Apr. 03, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
FASB’s authoritative guidance on fair value measurements defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. It also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance discloses three levels of inputs that may be used to measure fair value: | ||||||||||||||||||||||||
Level 1 | Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 1 assets and liabilities include debt and equity securities and derivative contracts that are traded in an active exchange market. | |||||||||||||||||||||||
Level 2 Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 assets and liabilities include debt securities with quoted prices that are traded less frequently than exchange-traded instruments and derivative contracts whose value is determined using a pricing model with inputs that are observable in the market or can be derived principally from or corroborated by observable market data. Observable inputs, such as current and forward interest rates and foreign exchange rates, are used in determining the fair value of our interest rate swaps and foreign currency hedge contracts. | ||||||||||||||||||||||||
Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of assets and liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. | ||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
3-Apr-14 | At April 3, 2014 using | |||||||||||||||||||||||
Description | Total Carrying | Assets | Liabilities | Quoted Prices in | Significant | Significant | ||||||||||||||||||
Amount in | Measured at | Measured at Fair | Active Markets | Other | Unobservable | |||||||||||||||||||
Balance Sheet | Fair Value | Value | for Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
Money Market Fund | $ | 323.3 | $ | 323.3 | $ | — | $ | 323.3 | $ | — | $ | — | ||||||||||||
Interest Rate Swaps | $ | (0.8 | ) | $ | — | $ | (0.8 | ) | $ | — | $ | (0.8 | ) | $ | — | |||||||||
Marketable Securities | $ | 0.3 | $ | 0.3 | $ | — | $ | 0.3 | $ | — | $ | — | ||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
31-Dec-13 | At December 31, 2013 using | |||||||||||||||||||||||
Description | Total Carrying | Assets | Liabilities | Quoted Prices in | Significant | Significant | ||||||||||||||||||
Amount in | Measured at | Measured at Fair | Active Markets | Other | Unobservable | |||||||||||||||||||
Balance Sheet | Fair Value | Value | for Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
Money Market Fund | $ | 293.3 | $ | 293.3 | $ | — | $ | 293.3 | $ | — | $ | — | ||||||||||||
Interest Rate Swaps | $ | (1.4 | ) | $ | — | $ | (1.4 | ) | $ | — | $ | (1.4 | ) | $ | — | |||||||||
The fair value of the interest rate swaps are determined by using mark-to-market reports generated for each derivative and evaluated for counterparty risk. In the case of the interest rate swaps, the Company evaluated its counterparty risk using credit default swaps, historical default rates and credit spreads. | ||||||||||||||||||||||||
The Company’s long-term debt includes a senior secured term loan, senior unsecured notes and the Malaysian term loan. The estimated fair value of our debt obligations is based on the quoted market prices for such obligations or the historical default rate for debt with similar credit ratings. The following table presents the carrying amount and estimated fair value of long-term debt in accordance with FASB authoritative guidance on fair value measurements related to disclosures of financial instruments: | ||||||||||||||||||||||||
3-Apr-14 | 31-Dec-13 | |||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||||||
Senior secured term loan (including current portion) | $ | 538.5 | $ | 537.5 | -1 | $ | 538.2 | $ | 541.9 | -1 | ||||||||||||||
Senior unsecured notes due 2017 | 72 | 74.5 | -1 | 296.4 | 309 | -1 | ||||||||||||||||||
Senior unsecured notes due 2020 | 300 | 323.3 | -1 | 300 | 323.4 | -1 | ||||||||||||||||||
Senior unsecured notes due 2022 | 299.4 | 302.2 | -1 | — | — | -1 | ||||||||||||||||||
Malaysian loan | 9.2 | 7.8 | -2 | 10 | 8.5 | -2 | ||||||||||||||||||
Total | $ | 1,219.10 | $ | 1,245.30 | $ | 1,144.60 | $ | 1,182.80 | ||||||||||||||||
-1 | Level 1 Fair Value hierarchy | |||||||||||||||||||||||
-2 | Level 2 Fair Value hierarchy | |||||||||||||||||||||||
See Note 14, Investments for fair value disclosure on government and corporate debt securities and marketable securities. |
Derivative_and_Hedging_Activit
Derivative and Hedging Activities | 3 Months Ended | |||||||||||||||
Apr. 03, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Derivative and Hedging Activities | ' | |||||||||||||||
Derivative and Hedging Activities | ||||||||||||||||
The Company enters into interest rate swap agreements to reduce its exposure to the variable rate portion of its long-term debt. On the inception date, the Company designates a derivative contract as either a fair value or cash flow hedge in accordance with FASB guidance on accounting for derivatives and hedges and links the contract to either a specific asset or liability on the balance sheet, or to forecasted commitments or transactions. The Company assesses, both at the hedges' inception and on a quarterly basis, whether the derivative item is effective in offsetting changes in fair value or cash flows. Any gains or losses on hedges are included in earnings when the underlying transaction that was hedged occurs. | ||||||||||||||||
The Company also considers counterparty credit risk and its own credit risk in its determination of all estimated fair values. The Company has applied these valuation techniques as of April 3, 2014 and believes it has obtained the most accurate information available for the types of derivative contracts it holds. | ||||||||||||||||
To the extent that derivative instruments do not qualify for hedge accounting treatment, the changes in fair market value of the instruments are reported in the results of operations for the current period. As a result of the senior secured Credit Agreement entered into on April 18, 2012, the interest rate swaps no longer qualify for hedge accounting while LIBOR is below the LIBOR floor of 75 basis points. Amounts in other comprehensive income for interest rate swaps as of April 18, 2012 have been included in earnings. | ||||||||||||||||
The Company has certain derivative instruments covered by master netting arrangements whereby, in the event of a default as defined by the senior secured credit facility or termination event, the non-defaulting party has the right to offset any amounts payable against any obligation of the defaulting party under the same counterparty agreement. | ||||||||||||||||
All assets of the Company are pledged as collateral for both the term loan and the revolving credit facility under the Company’s senior secured credit facility (see Note 15, Debt). | ||||||||||||||||
Interest Rate Swaps | ||||||||||||||||
The Company enters into floating-to-fixed interest rate swap agreements periodically. As of April 3, 2014, the Company had one outstanding interest rate swap agreement which had a notional amount of $225.0. | ||||||||||||||||
Effective | Fair Value, | |||||||||||||||
Notional Amount | Expires | Variable Rate | Fixed Rate (1) | Fixed Rate(2) | 3-Apr-14 | |||||||||||
$ | 225 | July 2014 | 1 Month LIBOR | 1.37 | % | N/A | $ | (0.8 | ) | |||||||
-1 | The fixed rate represents the rate at which interest is paid by the Company pursuant to the terms of its interest rate swap agreement. | |||||||||||||||
-2 | As of April 3, 2014, the interest rate swap is no longer effective and therefore the effective fixed rate is not applicable. | |||||||||||||||
The interest rate swap settles on a monthly basis when interest payments are made. These settlements occur through the maturity date. The fair value of the interest rate swaps was a liability (unrealized loss) of $(0.8) at April 3, 2014 and $(1.4) at December 31, 2013. | ||||||||||||||||
The following table summarizes the Company’s fair value of outstanding derivatives at April 3, 2014 and December 31, 2013: | ||||||||||||||||
Other Liability Derivatives | ||||||||||||||||
3-Apr-14 | December 31, 2013 | |||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||
Interest rate swaps | ||||||||||||||||
Current | $ | 0.8 | $ | 1.4 | ||||||||||||
Total derivatives designated as hedging instruments | 0.8 | 1.4 | ||||||||||||||
Total derivatives | $ | 0.8 | $ | 1.4 | ||||||||||||
The impact on earnings from interest rate swaps that are no longer effective was a loss of $(0.1) and $(1.1) for the three months ended April 3, 2014 and March 28, 2013, respectively. |
Investments
Investments | 3 Months Ended | |||||||||||||||
Apr. 03, 2014 | ||||||||||||||||
Investment [Abstract] | ' | |||||||||||||||
Investments | ' | |||||||||||||||
Investments | ||||||||||||||||
The Company's investment securities consist of $3.5 in government and corporate debt securities and $0.3 of available-for-sale instruments. All of our available-for-sale securities are level 1 for purposes of fair value measurement. Unrealized gains and losses, net of tax, on available-for-sale securities are recorded in accumulated other comprehensive income (AOCI). | ||||||||||||||||
The amortized cost and approximate fair value of available-for-sale securities are as follows: | ||||||||||||||||
3-Apr-14 | 31-Dec-13 | |||||||||||||||
Current | Noncurrent | Current | Noncurrent | |||||||||||||
Marketable Securities | ||||||||||||||||
Cost | $ | 0.3 | $ | — | $ | — | $ | — | ||||||||
Unrealized gains | — | — | — | — | ||||||||||||
Unrealized losses | — | — | — | — | ||||||||||||
Fair Value | $ | 0.3 | $ | — | $ | — | $ | — | ||||||||
The amortized cost and approximate fair value of held-to-maturity securities are as follows: | ||||||||||||||||
3-Apr-14 | 31-Dec-13 | |||||||||||||||
Current | Noncurrent | Current | Noncurrent | |||||||||||||
Government and Corporate Debt | ||||||||||||||||
Securities | ||||||||||||||||
Amortized cost | $ | 0.6 | $ | 2.9 | $ | 0.5 | $ | 3.1 | ||||||||
Unrealized gains | — | 0.1 | — | 0.1 | ||||||||||||
Unrealized losses | — | (0.1 | ) | — | (0.1 | ) | ||||||||||
Fair value | $ | 0.6 | $ | 2.9 | $ | 0.5 | $ | 3.1 | ||||||||
Maturities of held-to-maturity securities at April 3, 2014 are as follows: | ||||||||||||||||
Amortized | Approximate | |||||||||||||||
Cost | Fair Value | |||||||||||||||
Within One Year | $ | 0.6 | $ | 0.6 | ||||||||||||
One to Five Years | 1 | 1 | ||||||||||||||
Five to Ten Years | — | — | ||||||||||||||
After Ten Years | 1.9 | 1.9 | ||||||||||||||
Total | $ | 3.5 | $ | 3.5 | ||||||||||||
At April 3, 2014 and December 31, 2013, the fair value of certain held-to-maturity investments in debt and marketable securities are less than their historical cost. Total fair value of these investments was $1.3 and $1.8, respectively, for the periods then ended, which is approximately 38% and 51%, respectively, of the Company’s held-to-maturity investment portfolio. These declines primarily resulted from decreases in market interest rates and failure of certain investments to maintain consistent credit quality ratings or meet projected earnings targets. | ||||||||||||||||
Based on evaluation of available evidence, including changes in market interest rates, credit rating information and information obtained from regulatory filings, management believes the declines in fair value for these securities are temporary. | ||||||||||||||||
Should the impairment of any of these securities become other-than-temporary, the cost basis of the investment will be reduced and the resulting loss recognized in net income in the period in which the permanent impairment is identified. |
Debt
Debt | 3 Months Ended | |||||||||||||
Apr. 03, 2014 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Debt | ' | |||||||||||||
Debt | ||||||||||||||
Total debt shown on the balance sheet is comprised of the following: | ||||||||||||||
3-Apr-14 | 31-Dec-13 | |||||||||||||
Current | Noncurrent | Current | Noncurrent | |||||||||||
Senior secured term loan | $ | 5.5 | $ | 533 | $ | 5.5 | $ | 532.7 | ||||||
Senior notes due 2017 | 72 | — | — | 296.4 | ||||||||||
Senior notes due 2020 | — | 300 | — | 300 | ||||||||||
Senior notes due 2022 | — | 299.4 | — | — | ||||||||||
Malaysian term loan | 3 | 6.2 | 3 | 7 | ||||||||||
Present value of capital lease obligations | 1 | 14 | 1.1 | 14.2 | ||||||||||
Other | 0.1 | 0.2 | 7.2 | 0.2 | ||||||||||
Total | $ | 81.6 | $ | 1,152.80 | $ | 16.8 | $ | 1,150.50 | ||||||
Senior Secured Credit Facilities | ||||||||||||||
On March 18, 2014, the Company entered into Amendment No. 3 to its senior secured Credit Agreement, dated as of April 18, 2012, as amended by Amendment No. 1, dated as of October 26, 2012 and Amendment No. 2, dated as of August 2, 2013 (the "Credit Agreement"). The amendment provides for a new $540.4 senior secured term loan B with a maturity date of September 15, 2020, which replaces the $540.4 term loan B that was scheduled to mature on April 18, 2019. The new term loan bears interest, at Spirit’s option, at LIBOR plus 2.50% with a LIBOR floor of 0.75% or base rate plus 1.50%. The amendment also provides that (i) any failure to comply with the financial covenants will not constitute an event of default with respect to the new term loan, however the financial covenants continue to apply to the revolving credit facility under the Credit Agreement and the administrative agent or the requisite number of lenders (the “Requisite Revolving Lenders”) may accelerate the obligations under the revolving credit facility and (ii) the financial covenants may be amended or waived by the Requisite Revolving Lenders. Substantially all of Spirit's assets, including inventory and property, plant and equipment, continue to be pledged as collateral for both the term loan, as replaced, and the revolving credit facility. As of April 3, 2014, the outstanding balance of the term loan was $539.0 and the carrying amount of the term loan was $538.5. As a result of extinguishment of the old term loan, the Company recognized a loss on extinguishment of debt of $4.6 and incurred third party fees of $0.3. Of this total charge of $4.9 related to extinguishment of the old term loan, $3.3 is reflected within amortization of deferred financing fees and $1.6 is reflected within amortization expense on the Condensed Consolidated Statement of Cash Flows for the three months ended April 3, 2014. | ||||||||||||||
Senior Notes | ||||||||||||||
On September 30, 2009, the Company issued $300.0 aggregate of 7.50% Senior Notes due October 1, 2017 (the “2017 Notes”), with interest payable, in cash in arrears, on April 1 and October 1 of each year, beginning April 1, 2010. The 2017 Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Company and Spirit’s existing and future domestic subsidiaries that guarantee Spirit’s obligations under Spirit’s senior secured credit facility. | ||||||||||||||
On November 18, 2010, the Company issued $300.0 aggregate of 6.75% Senior Notes due December 15, 2020 (the “2020 Notes”), with interest payable, in cash in arrears, on June 15 and December 15 of each year, beginning June 15, 2011. The 2020 Notes are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Company and Spirit’s existing and future domestic subsidiaries that guarantee Spirit’s obligations under Spirit’s senior secured credit facility. The carrying value of the 2020 Notes was $300.0 as of April 3, 2014. | ||||||||||||||
On March 4, 2014, the Company commenced a cash tender offer to purchase any and all of the $300.0 outstanding principal amount of its 2017 Notes and a consent solicitation to amend the indenture governing the 2017 Notes (the "2017 Notes Indenture") and eliminate substantially all of the restrictive covenants and certain default provisions applicable to the 2017 Notes (the "Tender Offer"). Holders of 2017 Notes who validly tendered their 2017 Notes prior to March 17, 2014 received, in whole dollars, total consideration of $1,041.25 per $1,000 principal amount, which included a consent payment of $30.00 per $1,000 principal amount. Tender and consent fees related to the early extinguishment of debt was $9.4, which is included within debt issuance cost on the Condensed Consolidated Statement of Cash Flows for the three months ended April 3, 2014. | ||||||||||||||
As a result of the extinguishment of the 2017 Notes, the Company recognized a loss on extinguishment of bonds of $11.6 and incurred third party fees of $1.1. Of this total charge of $12.7 related to extinguishment of the 2017 Notes, $10.7 is reflected within amortization of deferred financing fees and $2.0 is reflected within amortization expense on the Condensed Consolidated Statement of Cash Flows for the three months ended April 3, 2014. | ||||||||||||||
On March 17, 2014, Spirit entered into a supplemental indenture to effect the proposed amendment to the 2017 Notes Indenture, which became operative on March 18, 2014 when Spirit accepted for purchase $227.2 aggregate of the 2017 Notes that were tendered prior to March 17, 2014 for an aggregate purchase price of $244.4 inclusive of accrued and unpaid interest on the purchased 2017 Notes as of March 18, 2014. The supplemental indenture is binding on the 2017 Notes not purchased in the Tender Offer. The Tender Offer expired on March 31, 2014. | ||||||||||||||
On March 18, 2014, in order to fund the Tender Offer or otherwise acquire, redeem or repurchase the 2017 Notes, the Company issued the $300.0 aggregate principal amount of 5.25% Senior Notes due March 15, 2022 (the "2022 Notes") with interest payable, in cash in arrears, on March 15 and September 15 of each year, beginning September 15, 2014. The 2022 Notes are unconditionally guaranteed, jointly and severally, on a senior unsecured basis, by the Company and its existing and future domestic subsidiaries that guarantee Spirit's obligations under its amended senior secured credit facility. The carrying value of the 2022 Notes was $299.4 as of April 3, 2014. | ||||||||||||||
The indenture governing the 2022 Notes (the "2022 Notes Indenture") contains covenants that limit Spirit’s, the Company’s and certain of Spirit’s subsidiaries’ ability, subject to certain exceptions and qualifications, to (i) incur additional debt, (ii) pay dividends, redeem stock or make other distributions, (iii) make other restricted payments and investments, (iv) create liens without granting equal and ratable liens to the holders of the 2022 Notes, (v) enter into sale and leaseback transactions, (vi) merge, consolidate or transfer or dispose of substantially all of their assets, and (vii) enter into certain types of transactions with affiliates. These covenants are subject to a number of qualifications and limitations. In addition, the 2022 Notes Indenture limits Spirit’s, the Company’s and the guarantor subsidiaries’ ability to engage in businesses other than businesses in which such companies are engaged on the date of issuance of the 2022 Notes and related businesses. | ||||||||||||||
In addition, the 2022 Notes Indenture provides for customary events of default which include (subject in certain cases to customary grace and cure periods), among other things: failure to make payments on the 2022 Notes when due, failure to comply with covenants under the 2022 Notes Indenture, failure to pay certain other indebtedness or acceleration of maturity of certain other indebtedness, failure to satisfy or discharge certain final judgments and occurrence of certain bankruptcy events. If an event of default occurs, the trustee or holders of at least 25% of the aggregate principal amount of the then outstanding 2022 Notes may, among other things, declare the entire outstanding balance of principal of and interest on all outstanding Notes to be immediately due and payable. If an event of default involving certain bankruptcy events occurs, payment of principal of and interest on the 2022 Notes will be accelerated without the necessity of notice or any other action on the part of any person. | ||||||||||||||
On April 1, 2014, Spirit notified the trustee for the 2017 Notes of its election to call for redemption on May 1, 2014 the $72.8 aggregate of 2017 Notes outstanding following the expiration of the Tender Offer and instructed the trustee to provide notice of such redemption to the holders of the 2017 Notes. The 2017 Notes will be redeemed at a redemption price equal to 103.75% of the principal amount thereof, plus accrued and unpaid interest to, but not including, the redemption date. Following the redemption, none of the 2017 Notes will remain outstanding. The carrying value of the 2017 Notes was $72.0 as of April 3, 2014. | ||||||||||||||
Malaysian Facility Agreement | ||||||||||||||
On June 2, 2008, the Company’s wholly-owned subsidiary, Spirit AeroSystems Malaysia SDN BHD entered into a Facility Agreement for a term loan facility for Ringgit Malaysia (“RM”) 69.2 (approximately USD $20.0 equivalent) (the “Malaysia Facility”), with the Malaysian Export-Import Bank. The Malaysia Facility requires quarterly principal repayments of RM3.3 (approximately USD $1.0 equivalent) from September 2011 through May 2017 and quarterly interest payments payable at a fixed interest rate of 3.50% per annum. The Malaysia Facility loan balance as of April 3, 2014 was $9.2. | ||||||||||||||
French Factory Capital Lease Agreement | ||||||||||||||
On July 17, 2009, the Company’s indirect wholly-owned subsidiary, Spirit AeroSystems France SARL entered into a capital lease agreement for €9.0 (approximately USD $13.1 equivalent) with a subsidiary of BNP Paribas Bank to be used towards the construction of our aerospace-related component assembly plant in Saint-Nazaire, France. Lease payments under the capital lease agreement are variable, subject to the three-month Euribor rate plus 2.20%. Lease payments are due quarterly through April 2025. As of April 3, 2014, the Saint-Nazaire capital lease balance was $10.5. | ||||||||||||||
Nashville Design Center Capital Lease Agreement | ||||||||||||||
On September 21, 2012, the Company entered into a capital lease agreement for $2.6 for a portion of an office building in Nashville, Tennessee to be used for design of aerospace components. Lease payments under the capital lease agreement are due monthly, and are subject to yearly rate increases until the end of the lease term of 124 months. As of April 3, 2014, the Nashville Design Center capital lease balance was $2.4. |
Pension_and_Other_PostRetireme
Pension and Other Post-Retirement Benefits | 3 Months Ended | ||||||||
Apr. 03, 2014 | |||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||
Pension and Other Post-Retirement Benefits | ' | ||||||||
Pension and Other Post-Retirement Benefits | |||||||||
Defined Benefit Plans | |||||||||
For the Three | |||||||||
Months Ended | |||||||||
Components of Net Periodic Pension | April 3, | March 28, | |||||||
Income | 2014 | 2013 | |||||||
Service cost | $ | — | $ | 1.9 | |||||
Interest cost | 12.9 | 11.7 | |||||||
Expected return on plan assets | (22.3 | ) | (21.3 | ) | |||||
Amortization of net loss | — | 3.1 | |||||||
Net periodic pension income | $ | (9.4 | ) | $ | (4.6 | ) | |||
Other Benefits | |||||||||
For the Three | |||||||||
Months Ended | |||||||||
Components of Other Benefit Expense | April 3, | March 28, | |||||||
2014 | 2013 | ||||||||
Service cost | $ | 0.7 | $ | 0.7 | |||||
Interest cost | 0.7 | 0.6 | |||||||
Net periodic other benefit expense | $ | 1.4 | $ | 1.3 | |||||
Employer Contributions | |||||||||
The Company expects to contribute zero dollars to the U.S. qualified pension plan and a combined total of approximately $2.9 for the Supplemental Executive Retirement Plan (SERP) and post-retirement medical plans in 2014. Effective December 31, 2013, the BAE Aerostructures pension plan benefits were frozen due to an amendment which closed the plan. Our projected contributions to the U.K. pension plan for 2014 are $1.3, of which $0.3 was contributed by the end of the first quarter of 2014. The Company anticipates contributing the additional $1.0 to the U.K. pension plan during the remainder of 2014. The entire amount contributed and the projected contributions can vary based on exchange rate fluctuations. |
Stock_Compensation
Stock Compensation | 3 Months Ended |
Apr. 03, 2014 | |
Share-based Compensation [Abstract] | ' |
Stock Compensation | ' |
Stock Compensation | |
Holdings has established various stock compensation plans which include restricted share grants and stock purchase plans. Compensation values are based on the value of Holdings’ common stock at the grant date. The common stock value is added to equity and charged to period expense or included in inventory and cost of sales. | |
For the three months ended April 3, 2014, Holdings recognized a net total of $3.7 of stock compensation expense, which is net of stock forfeitures, as compared to $3.7 of stock compensation expense, net of forfeitures, for the three months ended March 28, 2013. The entire $3.7 of stock compensation expense recorded for the three months ended April 3, 2014 was recorded as selling, general and administrative expense in accordance with FASB authoritative guidance. That amount includes zero accelerated vesting expense for participants meeting the conditions for “Qualifying Retirement” under the Short-Term Incentive Plan or “STIP.” The entire $3.7 of stock compensation expense recorded for the three months ended March 28, 2013 was recorded as selling, general and administrative expense, which includes $0.4 accelerated vesting expense for participants meeting the conditions for “Qualifying Retirement” under the Short-Term Incentive Plan or “STIP.” | |
During the quarter ended April 3, 2014, 62,080 shares of Class A common stock awarded under the STIP with an aggregate grant date fair value of $1.0 vested. In the first quarter of 2014, the Company made the determination to pay its short-term incentive awards, which are based on the Company's performance, fully in cash. |
Income_Taxes
Income Taxes | 3 Months Ended |
Apr. 03, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The process for calculating our income tax expense involves estimating actual current taxes due plus assessing temporary differences arising from differing treatment for tax and accounting purposes that are recorded as deferred tax assets and liabilities. Deferred tax assets are periodically evaluated to determine their recoverability. The total net deferred tax liability at April 3, 2014 and December 31, 2013 were $(16.0) and $(15.8), respectively. This increase is primarily due to changes in the value of North Carolina tax losses carried forward and capital allowances taken into taxable income in the United Kingdom (U.K.), netted with a reduction to the Malaysia deferred tax liability as a result of securing the tax holiday. | |
The Company files income tax returns in all jurisdictions in which it operates. The Company establishes reserves to provide for additional income taxes that may be due upon audit. These reserves are established based on management’s assessment as to the potential exposure attributable to permanent tax adjustments and associated interest. All tax reserves are analyzed quarterly and adjustments made as events occur that warrant modification. | |
In general, the Company records income tax expense each quarter based on its best estimate as to the full year’s effective tax rate. Certain items, however, are given discrete period treatment and the tax effects for such items are therefore reported in the quarter that an event arises. Events or items that give rise to discrete recognition may include finalizing amounts in income tax returns filed, finalizing audit examinations for open tax years, expiration of statutes of limitations and changes in tax law. | |
However, the Company has determined that a calculation of an annual effective tax rate would not represent a reliable estimate for its U.S. operations due to historical differences between forecasted and actual U.S. pre-tax earnings and the effect of the Company's U.S. deferred tax valuation allowance, which create results with significant variations in the customary relationship between income tax expense and pre-tax income for the interim periods. Under the discrete method, the Company determines tax expense based upon actual results as if the interim period were an annual period. The discrete method was used for our U.S. pre-tax income and an annual effective rate was used for our international pre-tax income. | |
A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. When determining the amount of net deferred tax assets that are more likely than not to be realized, management assesses all available positive and negative evidence. This evidence includes, but is not limited to, prior earnings history, expected future earnings, carry-back and carry-forward periods and the feasibility of ongoing tax strategies that could potentially enhance the likelihood of the realization of a deferred tax asset. The weight given to the positive and negative evidence is commensurate with the extent the evidence may be objectively verified. As such, it is generally difficult for positive evidence regarding projected future taxable income exclusive of reversing taxable temporary differences to outweigh objective negative evidence of recent financial reporting losses. | |
Based on these criteria and the relative weighting of both the positive and negative evidence available, and in particular the activity surrounding the Company's prior earnings history including the forward losses previously recognized in the U.S., management determined that it was necessary to continue to maintain a valuation allowance against nearly all of its net U.S. deferred tax assets as of April 3, 2014. At each reporting date, management considers all available positive and negative evidence, both new and historical, that could impact the future realization of deferred tax assets. Management will consider a release of the valuation allowance once there is sufficient positive evidence that it is more likely than not that the deferred tax assets will be realized, or when it is clearly demonstrated that the underlying deferred tax asset has been realized due to positive taxable income in the period the temporary difference was reversed. Any release of the valuation allowance will be recorded as a tax benefit increasing net income or other comprehensive income. | |
The net valuation allowance was decreased by $31.5 for the three months ended April 3, 2014. The adjustment is related to the realization of certain deferred tax assets within the Company’s discrete method taxable income calculation for the period ending April 3, 2014 and recording an additional valuation allowance against certain state income tax credits. To the extent that the Company generates positive taxable income and expects, with reasonable certainty, to continue to generate positive income the Company may release additional valuation allowance in future periods. This release would result in the recognition of certain deferred tax assets and a decrease to income tax expense for the period such release is recorded. The release of all or a portion of the valuation allowance will have a significant effect on our tax expense in the period it is released. | |
The Company will continue to operate under a tax holiday in Malaysia effective through September 2024. During the first quarter, the Company received formal approval of the tax holiday from the Malaysian tax authorities, with conditional renewals once every five years beginning in September 2014. As a result of this approval, the Company released $12.2 of tax reserves and $0.7 of deferred tax liabilities into earnings during the quarter. | |
Our income tax expense for 2014 does not reflect any benefit of the U.S. Federal Research Tax Credit attributable to 2014 as the legislation has not been extended beyond December 2013. Should the legislation be extended during the year, the Company may record additional tax benefits for 2014 Research Tax Credit. | |
The 4.3% effective tax rate for the three months ended April 3, 2014 differs from the 30.5% effective tax rate for the same period in 2013 primarily due to the U.S. net deferred tax asset valuation allowance decrease and the Malaysia tax reserve release in 2014 and the inclusion of 2012 and 2013 U.S. Federal Research Tax Credit in 2013. | |
The Company is participating in the Internal Revenue Service’s Compliance Assurance Process (“CAP”) program for our 2013 tax year. Additionally, we have been selected for the Compliance Maintenance phase of the CAP program for the 2014 tax year. The CAP program’s objective is to resolve issues in a timely, contemporaneous manner and eliminate the need for a lengthy post-filing examination. HM Revenue & Customs is currently examining our 2009-2011 U.K. income tax returns. The Directorate General of Public Finance is currently examining our 2011 and 2012 France income tax returns. While a change could result from the ongoing examinations, the Company expects no material change in its recorded unrecognized tax benefit liability in the next 12 months. |
Equity
Equity | 3 Months Ended | |||||||||||||||||||||
Apr. 03, 2014 | ||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||
Equity | ' | |||||||||||||||||||||
Equity | ||||||||||||||||||||||
Earnings per Share Calculation | ||||||||||||||||||||||
Basic net income per share is computed using the weighted-average number of outstanding shares of common stock during the measurement period. Diluted net income per share is computed using the weighted-average number of outstanding shares of common stock and, when dilutive, potential outstanding shares of common stock during the measurement period. | ||||||||||||||||||||||
Subject to preferences that may apply to shares of preferred stock outstanding at the time, holders of the Company’s outstanding common stock are entitled to any dividend declared by the Board of Directors out of funds legally available for this purpose. No dividend may be declared on the Class A or Class B common stock unless at the same time an equal dividend is paid on every share of Class A and Class B common stock. Dividends paid in shares of the Company’s common stock must be paid, with respect to a particular class of common stock, in shares of that class. The Company does not intend to pay cash dividends on its common stock. In addition, the terms of the Company’s current financing agreements preclude it from paying any cash dividends on its common stock. | ||||||||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||
3-Apr-14 | 28-Mar-13 | |||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||
Amount | Amount | |||||||||||||||||||||
Basic EPS | ||||||||||||||||||||||
Income available to common shareholders | $ | 152.4 | 141.6 | $ | 1.08 | $ | 80.4 | 141 | $ | 0.57 | ||||||||||||
Income allocated to participating securities | 1.2 | 1.1 | 0.8 | 1.4 | ||||||||||||||||||
Net income | $ | 153.6 | $ | 81.2 | ||||||||||||||||||
Diluted potential common shares | 1 | 0.7 | ||||||||||||||||||||
Diluted EPS | ||||||||||||||||||||||
Net income | $ | 153.6 | 143.7 | $ | 1.07 | $ | 81.2 | 143.1 | $ | 0.57 | ||||||||||||
The balance of outstanding common shares presented in the condensed consolidated balance sheets was 144.7 million and 143.7 million at April 3, 2014 and March 28, 2013, respectively. Included in the outstanding common shares were 3.0 million and 2.6 million of issued but unvested shares at April 3, 2014 and March 28, 2013, respectively, which are excluded from the basic EPS calculation. | ||||||||||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||||||||
Accumulated Other Comprehensive Loss is summarized by component as follows: | ||||||||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||||
3-Apr-14 | 31-Dec-13 | |||||||||||||||||||||
Pension | $ | (52.8 | ) | $ | (52.7 | ) | ||||||||||||||||
SERP/Retiree medical | 3.1 | 3.1 | ||||||||||||||||||||
Foreign currency impact on long term intercompany loan | (2.4 | ) | (2.2 | ) | ||||||||||||||||||
Currency translation adjustment | (2.3 | ) | (2.8 | ) | ||||||||||||||||||
Total accumulated other comprehensive (loss) | $ | (54.4 | ) | $ | (54.6 | ) | ||||||||||||||||
Noncontrolling Interest | ||||||||||||||||||||||
The balance of noncontrolling interest presented in the consolidated balance sheet was $0.5 and $1.8 at April 3, 2014 and March 28, 2013, respectively. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended |
Apr. 03, 2014 | |
Related Party Transaction, Due from (to) Related Party [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
The Company paid $0.1 and less than $0.1 to a subsidiary of Onex for services rendered for the three month periods ended April 3, 2014 and March 28, 2013, respectively. Management believes the amounts charged were reasonable in relation to the services provided. | |
A former director and executive of the Company is a member of the Board of Directors of Rockwell Collins, Inc., a supplier of manufacturing parts to the Company. Under the commercial terms of the arrangement with the supplier, Spirit paid $0.1 and less than $0.1 for the three month periods ended April 3, 2014 and March 28, 2013, respectively. The amounts owed to Rockwell Collins and recorded as accrued liabilities were less than $0.1 as of April 3, 2014 and March 28, 2013. | |
A former director and executive of the Company is a member of the Board of Directors of a Wichita, Kansas bank that provides banking services to Spirit. In connection with the banking services provided to Spirit, the Company pays fees consistent with commercial terms that would be available to unrelated third parties. Such fees are not material to the Company. |
Commitments_Contingencies_and_
Commitments, Contingencies and Guarantees | 3 Months Ended | |||
Apr. 03, 2014 | ||||
Commitments Contingencies And Guarantees [Abstract] | ' | |||
Commitments, Contingencies and Guarantees | ' | |||
Commitments, Contingencies and Guarantees | ||||
Litigation | ||||
From time to time the Company is subject to, and is presently involved in, litigation or other legal proceedings arising in the ordinary course of business. While the final outcome of these matters cannot be predicted with certainty, considering, among other things, the meritorious legal defenses available, it is the opinion of the Company that none of these items, when finally resolved, will have a material adverse effect on the Company’s financial position or liquidity. Consistent with the requirements of authoritative guidance on accounting for contingencies, the Company had an accrual of less than $1.0 related to the following litigation matters as of April 3, 2014 and December 31, 2013. However, an unexpected adverse resolution of one or more of these items could have a material adverse effect on the results of operations and cash flows in a particular quarter or fiscal year. | ||||
From time to time, in the ordinary course of business and similar to others in the industry, we receive requests for information from government agencies in connection with their regulatory or investigational authority. Such requests can include subpoenas or demand letters for documents to assist the government in audits or investigations. We review such requests and notices and take appropriate action. We have been subject to certain requests for information and investigations in the past and could be subject to such requests for information and investigations in the future. Additionally, we are subject to federal and state requirements for protection of the environment, including those for disposal of hazardous waste and remediation of contaminated sites. As a result, we are required to participate in certain government investigations regarding environmental remediation actions. | ||||
In December 2005, a federal grand jury sitting in Topeka, Kansas issued subpoenas regarding the vapor degreasing equipment at our Wichita, Kansas facility. The government’s investigation appeared to focus on whether the degreasers were operating within permit parameters and whether chemical wastes from the degreasers were disposed of properly. The subpoenas covered a time period both before and after our purchase of the Wichita, Kansas facility. Subpoenas were issued to Boeing, Spirit and individuals who were employed by Boeing prior to the Boeing Acquisition, but are now employed by us. The Company responded to the subpoena and provided additional information to the government as requested. On March 25, 2008, the U.S. Attorney’s Office informed the Company that it was closing its criminal file on the investigation. The Company understands that a civil investigation into this matter may be ongoing but the Company has not been contacted about this matter since the closing of the criminal investigation. Management believes the resolution of this matter will not materially affect the Company’s financial position, results of operations or liquidity. | ||||
On February 16, 2007, an action entitled Harkness et al. v. The Boeing Company et al. was filed in the U.S. District Court for the District of Kansas. The defendants were served in early July 2007. The defendants included Spirit AeroSystems Holdings, Inc., Spirit AeroSystems, Inc., the Spirit AeroSystems Holdings Inc. Retirement Plan for the International Brotherhood of Electrical Workers (IBEW), Wichita Engineering Unit (SPEEA WEU) and Wichita Technical and Professional Unit (SPEEA WTPU) Employees, and the Spirit AeroSystems Retirement Plan for International Association of Machinists and Aerospace Workers (IAM) Employees, along with Boeing and Boeing retirement and health plan entities. The named plaintiffs are twelve former Boeing employees, eight of whom were or are employees of Spirit. The plaintiffs assert several claims under the Employee Retirement Income Security Act and general contract law and brought the case as a class action on behalf of similarly situated individuals. The putative class consists of approximately 2,500 current or former employees of Spirit. The parties agreed to class certification. The sub-class members who asserted claims against the Spirit entities are those individuals who, as of June 2005, were employed by Boeing in Wichita, Kansas, were participants in the Boeing pension plan, had at least 10 years of vesting service in the Boeing plan, were in jobs represented by a union, were between the ages of 49 and 55, and who went to work for Spirit on or about June 17, 2005. Although there were many claims in the suit, the plaintiffs’ claims against the Spirit entities, asserted under various theories, were (1) that the Spirit plans wrongfully failed to determine that certain plaintiffs are entitled to early retirement “bridging rights” to pension and retiree medical benefits that were allegedly triggered by their separation from employment by Boeing and (2) that the plaintiffs’ pension benefits were unlawfully transferred from Boeing to Spirit in that their claimed early retirement “bridging rights” are not being afforded these individuals as a result of their separation from Boeing, thereby decreasing their benefits. The plaintiffs initially sought a declaration that they were entitled to the early retirement pension benefits and retiree medical benefits, an injunction ordering that the defendants provide the benefits, damages pursuant to breach of contract claims and attorney fees. On June 20, 2013, the district court entered an order dismissing all claims against the Spirit entities with prejudice. Plaintiffs’ claims against Boeing entities remain pending in the litigation. Boeing has notified Spirit that it believes it is entitled to indemnification from Spirit for any “indemnifiable damages” it may incur in the Harkness litigation, under the terms of the asset purchase agreement from the Boeing Acquisition between Boeing and Spirit. Spirit disputes Boeing’s position on indemnity. Management believes the resolution of this matter will not materially affect the Company’s financial position, results of operations or liquidity. | ||||
On July 21, 2005, the International Union, Automobile, Aerospace and Agricultural Implement Workers of America (“UAW”) filed a grievance against Boeing on behalf of certain former Boeing employees in Tulsa and McAlester, Oklahoma, regarding issues that parallel those asserted in Harkness et al. v. The Boeing Company et al. Boeing denied the grievance, and the UAW subsequently filed suit to compel arbitration, which the parties eventually agreed to pursue. The arbitration was conducted in January 2008. In July 2008, the arbitrator issued an opinion and award in favor of the UAW. The arbitrator directed Boeing to reinstate the seniority of the employees and “afford them the benefits appurtenant thereto.” On March 5, 2009, the arbitrator entered an Opinion and Supplemental Award that directed Boeing to award certain benefits to UAW members upon whose behalf the grievance was brought, notwithstanding the prior denial of such benefits by the Boeing Plan Administrator. On April 10, 2009, Boeing filed a Complaint in the United States District Court for the Northern District of Illinois, seeking a ruling that the arbitrator exceeded his authority in granting the Supplemental Award. On September 16, 2009, the District Court entered an order affirming the arbitrator’s Supplemental Award. Boeing appealed the District Court’s decision to the U.S. Seventh Circuit Court of Appeals, which affirmed the District Court’s decision. Boeing previously notified Spirit of its intent to seek indemnification from Spirit for any “indemnifiable damages” it may incur in the UAW matter, pursuant to the terms of the asset purchase agreement from the Boeing Acquisition. Spirit disputes Boeing’s position on indemnity. Management believes the resolution of this matter will not materially affect the Company’s financial position, results of operations or liquidity. | ||||
On May 11, 2009, Spirit filed a lawsuit in the United States District Court for the District of Kansas against SPS Technologies LLC (“SPS”) and Precision Castparts Corp. Spirit’s claims are based on the sale by SPS of certain non-conforming nut plate fasteners to Spirit between August 2007 and August 2008. Many of the fasteners were used on assemblies that Spirit sold to a customer. In the fall of 2008, Spirit discovered the non-conformity and notified the customer of the discrepancy. Subsequently, Spirit and the customer removed and replaced nut plates on various in-process aircraft assemblies and subsequently agreed to an appropriate cost related to those efforts. Spirit’s lawsuit seeks damages, including damages related to these efforts, under various theories, including breach of contract and breach of implied warranty. | ||||
On June 3, 2013, a putative class action lawsuit was commenced against the Company, Jeffrey L. Turner, and Philip D. Anderson in the U.S. District Court for the District of Kansas. The court-appointed lead plaintiffs - two pension funds that claim to represent a class of investors in the Company's stock - filed an amended complaint on April 7, 2014, naming as additional defendants Vice President of the B787 Program Terry J. George and former Senior Vice President of Oklahoma Operations Alexander K. Kummant. The amended complaint alleges that defendants engaged in a scheme to artificially inflate the market price of the Company's stock by making false statements and omissions about certain programs' performance and costs. It contends that the alleged scheme was revealed by the Company’s accrual of $590.0 in forward loss charges on October 25, 2012. The lead plaintiffs seek certification of a class of all persons other than defendants who purchased Holdings securities between May 5, 2011 and October 24, 2012, and seek an unspecified amount of damages on behalf of the putative class. The Company intends to vigorously defend against these allegations, and management believes the resolution of this matter will not materially affect the Company’s financial position, results of operations, or liquidity. | ||||
In August 2013, the Company instituted a demand for arbitration against Gulfstream Aerospace Corporation. Spirit seeks damages from Gulfstream for its incomplete payments to Spirit for the wings Spirit manufactures for the G650 airplane, as well as other damages and relief. Gulfstream counterclaimed against Spirit in the arbitration, seeking liquidated damages for delayed deliveries of wings, as well as other damages and relief. The parties have selected arbitrators, and currently expect the arbitration hearing will take place in the first quarter of 2015. The Company intends to vigorously prosecute and defend the claims in arbitration. Management believes the resolution of this matter will not materially affect the Company's financial position, results of operations or liquidity. | ||||
SEC Matters | ||||
In October 2012, Spirit was advised by the Staff of the Securities and Exchange Commission that they are conducting an inquiry that the Company believes to be focused on the timing of forward losses recognized in the third quarter of 2012. The Company is fully cooperating with the inquiry. The Company cannot predict or determine whether any proceeding may be instituted as a result of the inquiry or the outcome of any proceeding that may be instituted. | ||||
Guarantees | ||||
Contingent liabilities in the form of letters of credit, letters of guarantee and performance bonds have been provided by the Company. As of both April 3, 2014 and December 31, 2013, outstanding letters of credit were $19.9. Outstanding guarantees were $23.9 and $24.8 at April 3, 2014 and December 31, 2013, respectively. | ||||
Indemnification | ||||
The Company has entered into customary indemnification agreements with each of its Directors, and some of its executive employment agreements include indemnification provisions. Under those agreements, the Company agrees to indemnify each of these individuals against claims arising out of events or occurrences related to that individual’s service as the Company’s agent or the agent of any of its subsidiaries to the fullest extent legally permitted. | ||||
Service and Product Warranties and Extraordinary Rework | ||||
The Company provides service and warranty policies on its products. Liability under service and warranty policies is based upon specific claims and a review of historical warranty and service claim experience. Adjustments are made to accruals as claim data and historical experience change. In addition, the Company incurs discretionary costs to service its products in connection with product performance or quality issues. | ||||
The following is a roll forward of the service warranty and extraordinary rework balance at April 3, 2014: | ||||
Balance, December 31, 2013 | $ | 68.7 | ||
Charges to costs and expenses | 11.1 | |||
Balance, April 3, 2014 | $ | 79.8 | ||
Other_Income_Expense_Net
Other Income (Expense), Net | 3 Months Ended | |||||||
Apr. 03, 2014 | ||||||||
Other Nonoperating Income (Expense) [Abstract] | ' | |||||||
Other Income (Expense), Net | ' | |||||||
Other Income (Expense), Net | ||||||||
Other income (expense), net is summarized as follows: | ||||||||
For the Three Months Ended | ||||||||
April 3, | March 28, | |||||||
2014 | 2013 | |||||||
KDFA bond | $ | 1 | $ | 0.9 | ||||
Rental and miscellaneous income | — | 0.1 | ||||||
Foreign currency gains (loss) | 0.2 | (10.9 | ) | |||||
Total | $ | 1.2 | $ | (9.9 | ) | |||
Foreign currency gains (loss) are due to the impact of movement in foreign currency exchange rates on trade and intercompany receivables/payables and other long-term contractual rights/obligations denominated in a currency other than the entity’s functional currency. |
Segment_Information
Segment Information | 3 Months Ended | |||||||
Apr. 03, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Information | ' | |||||||
Segment Information | ||||||||
The Company operates in three principal segments: Fuselage Systems, Propulsion Systems and Wing Systems. Substantially all revenues in the three principal segments are from Boeing, with the exception of Wing Systems, which includes revenues from Airbus and other customers. Approximately 94% of the Company’s net revenues for the three months ended April 3, 2014 came from our two largest customers, Boeing and Airbus. All other activities fall within the All Other segment, principally made up of sundry sales of miscellaneous services, tooling contracts and sales of natural gas through a tenancy-in-common with other companies that have operations in Wichita, Kansas. The Company's primary profitability measure to review a segment’s operating performance is segment operating income before corporate selling, general and administrative expenses, impact of severe weather event, research and development and unallocated cost of sales. | ||||||||
Corporate selling, general and administrative expenses include centralized functions such as accounting, treasury and human resources that are not specifically related to our operating segments and are not allocated in measuring the operating segments’ profitability and performance and net profit margins. Corporate selling, general and administrative expenses also includes the remaining incremental costs associated with property repairs, clean up and recovery costs related to the severe weather event at the Company’s Wichita facility. Research and development includes research and development efforts that benefit the Company as a whole and are not unique to a specific segment. Unallocated cost of sales includes general costs not directly attributable to segment operations, such as warranty, early retirement, and other incentives. All of these items are not specifically related to our operating segments and are not utilized in measuring the operating segments’ profitability and performance. | ||||||||
The Company’s Fuselage Systems segment includes development, production and marketing of forward, mid and rear fuselage sections and systems, primarily to aircraft OEMs (OEM refers to aircraft original equipment manufacturer), as well as related spares and maintenance, repairs and overhaul. The Fuselage Systems segment manufactures products at our facilities in Wichita, Kansas and Kinston, North Carolina. The Fuselage Systems segment also includes an assembly plant for the A350 XWB aircraft in Saint-Nazaire, France. | ||||||||
The Company’s Propulsion Systems segment includes development, production and marketing of struts/pylons, nacelles (including thrust reversers) and related engine structural components primarily to aircraft or engine OEMs, as well as related spares and MRO services. The Propulsion Systems segment manufactures products at our facilities in Wichita and Chanute, Kansas. | ||||||||
The Company’s Wing Systems segment includes development, production and marketing of wings and wing components (including flight control surfaces) as well as other miscellaneous structural parts primarily to aircraft OEMs, as well as related spares and MRO services. These activities take place at the Company’s facilities in Tulsa and McAlester, Oklahoma; Kinston, North Carolina; Prestwick, Scotland; and Subang, Malaysia. | ||||||||
The Company’s segments are consistent with the organization and responsibilities of management reporting to the chief operating decision-maker for the purpose of assessing performance. The Company’s definition of segment operating income differs from net profit margin as presented in its primary financial statements and a reconciliation of the segment and consolidated results is provided in the table set forth below. | ||||||||
While some working capital accounts are maintained on a segment basis, much of the Company’s assets are not managed or maintained on a segment basis. Property, plant and equipment, including tooling, is used in the design and production of products for each of the segments and, therefore, is not allocated to any individual segment. In addition, cash, prepaid expenses, other assets and deferred taxes are managed and maintained on a consolidated basis and generally do not pertain to any particular segment. Raw materials and certain component parts are used in the production of aerostructures across all segments. Work-in-process inventory is identifiable by segment, but is managed and evaluated at the program level. As there is no segmentation of the Company’s productive assets, depreciation expense (included in fixed manufacturing costs and selling, general and administrative expenses) and capital expenditures, no allocation of these amounts has been made solely for purposes of segment disclosure requirements. | ||||||||
The following table shows segment revenues and operating income for the three months ended April 3, 2014 and March 28, 2013: | ||||||||
Three Months Ended | ||||||||
April 3, | March 28, | |||||||
2014 | 2013 | |||||||
Segment Revenues | ||||||||
Fuselage Systems | $ | 858.3 | $ | 717.9 | ||||
Propulsion Systems | 450.2 | 375.3 | ||||||
Wing Systems | 414.2 | 343.3 | ||||||
All Other | 5.8 | 5.7 | ||||||
$ | 1,728.50 | $ | 1,442.20 | |||||
Segment Operating Income | ||||||||
Fuselage Systems (1) | $ | 142 | $ | 126.4 | ||||
Propulsion Systems (2) | 80.2 | 68.4 | ||||||
Wing Systems (3) | 50 | 20.5 | ||||||
All Other | 0.1 | 1.6 | ||||||
272.3 | 216.9 | |||||||
Corporate SG&A (4) | (60.5 | ) | (44.3 | ) | ||||
Impact from severe weather event | — | (8.8 | ) | |||||
Research and development (5) | (6.3 | ) | (7.5 | ) | ||||
Unallocated cost of sales (6) | (11.1 | ) | (11.8 | ) | ||||
Total operating income | $ | 194.4 | $ | 144.5 | ||||
-1 | For 2014, net of $0.9 forward loss charge recorded on the Bell V280 helicopter program. Also includes favorable cumulative catch-up adjustments of $9.0 and $11.0 for the three months ended April 3, 2014 and March 28, 2013, respectively. | |||||||
-2 | Includes favorable cumulative catch-up adjustments of $4.8 and $9.7 for the three months ended April 3, 2014 and March 28, 2013, respectively. | |||||||
-3 | For 2014, net of $0.3 forward loss charge recorded on the G280 wing program. For 2013, net of $15.3 forward loss charge recorded for the B787 wing program. Also includes favorable cumulative catch-up adjustments of $2.8 for the three months ended April 3, 2014 and unfavorable cumulative catch-up adjustments of $0.4 for the three months ended March 28, 2013. | |||||||
-4 | For 2013, corporate SG&A of $2.3, $1.2 and $1.2 was reclassified from segment operating income for the Fuselage, Propulsion, and Wing Systems, respectively, to conform to current year presentation. | |||||||
-5 | For 2013, research and development of $2.7, $1.9 and $1.1 was reclassified from segment operating income Fuselage, Propulsion, and Wing Systems, respectively, to conform to current year presentation. | |||||||
-6 | Includes $11.1 of warranty reserve for 2014. For 2013, includes $10.0 of warranty reserve and $1.8 related to early retirement incentives. |
Condensed_Consolidating_Financ
Condensed Consolidating Financial Information | 3 Months Ended | |||||||||||||||||||||||
Apr. 03, 2014 | ||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||||||
Condensed Consolidating Financial Information | ' | |||||||||||||||||||||||
Condensed Consolidating Financial Information | ||||||||||||||||||||||||
The 2017 Notes and the 2020 Notes are fully and unconditionally guaranteed on a joint and several senior unsecured basis by the Company and its 100% owned domestic subsidiaries, other than Spirit (the “Subsidiary Guarantors”). | ||||||||||||||||||||||||
The following condensed consolidating financial information, which has been prepared in accordance with the requirements for presentation of Rule 3-10(d) of Regulation S-X promulgated under the Securities Act, presents the condensed consolidating financial information separately for: | ||||||||||||||||||||||||
(i) | Holdings, as the parent company; | |||||||||||||||||||||||
(ii) | Spirit, as the subsidiary issuer of the 2017 Notes and the 2020 Notes; | |||||||||||||||||||||||
(iii) | The Subsidiary Guarantors, on a combined basis, as guarantors of the 2017 Notes and the 2020 Notes; | |||||||||||||||||||||||
(iv) | The Company’s subsidiaries, other than the Subsidiary Guarantors, which are not guarantors of the 2017 Notes and the 2020 Notes (the “Subsidiary Non-Guarantors”), on a combined basis; | |||||||||||||||||||||||
(v) | Consolidating entries and eliminations representing adjustments to (a) eliminate intercompany transactions between or among Holdings, the Subsidiary Guarantors and the Subsidiary Non-Guarantors, (b) eliminate the investments in the Company’s subsidiaries and (c) record consolidating entries; and | |||||||||||||||||||||||
(vi) | Holdings and its subsidiaries on a consolidated basis. | |||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
For the Three Months Ended April 3, 2014 | ||||||||||||||||||||||||
Holdings | Spirit | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Net revenues | $ | — | $ | 1,613.60 | $ | 87 | $ | 205.8 | $ | (177.9 | ) | $ | 1,728.50 | |||||||||||
Operating costs and expenses | ||||||||||||||||||||||||
Cost of sales | — | 1,377.80 | 84.9 | 182.5 | (177.9 | ) | 1,467.30 | |||||||||||||||||
Selling, general and administrative | 1.5 | 53.9 | 0.6 | 4.5 | — | 60.5 | ||||||||||||||||||
Research and development | — | 5.7 | — | 0.6 | — | 6.3 | ||||||||||||||||||
Total operating costs and expenses | 1.5 | 1,437.40 | 85.5 | 187.6 | (177.9 | ) | 1,534.10 | |||||||||||||||||
Operating (loss) income | (1.5 | ) | 176.2 | 1.5 | 18.2 | — | 194.4 | |||||||||||||||||
Interest expense and financing fee amortization | — | (35.2 | ) | — | (2.8 | ) | 2.6 | (35.4 | ) | |||||||||||||||
Interest income | — | 2.6 | — | 0.1 | (2.6 | ) | 0.1 | |||||||||||||||||
Other income, net | — | 0.9 | — | 0.3 | — | 1.2 | ||||||||||||||||||
(Loss) income before income taxes and equity in net (loss) income of affiliates and subsidiaries | (1.5 | ) | 144.5 | 1.5 | 15.8 | — | 160.3 | |||||||||||||||||
Income tax benefit (provision) benefit | (0.1 | ) | (16.6 | ) | (0.5 | ) | 10.3 | — | (6.9 | ) | ||||||||||||||
(Loss) income before equity in net (loss) income of affiliates and subsidiaries | (1.6 | ) | 127.9 | 1 | 26.1 | — | 153.4 | |||||||||||||||||
Equity in net (loss) income of affiliates | 0.2 | — | — | 0.2 | (0.2 | ) | 0.2 | |||||||||||||||||
Equity in net (loss) income of subsidiaries | 155 | 27 | — | — | (182.0 | ) | — | |||||||||||||||||
Net (loss) income | 153.6 | 154.9 | 1 | 26.3 | (182.2 | ) | 153.6 | |||||||||||||||||
Other comprehensive (loss) income | 0.2 | — | — | 0.2 | (0.2 | ) | 0.2 | |||||||||||||||||
Comprehensive (loss) income | $ | 153.8 | $ | 154.9 | $ | 1 | $ | 26.5 | $ | (182.4 | ) | $ | 153.8 | |||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
For the Three Months Ended March 28, 2013 | ||||||||||||||||||||||||
Holdings | Spirit | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Net revenues | $ | — | $ | 1,312.10 | $ | 48.5 | $ | 165.7 | $ | (84.1 | ) | $ | 1,442.20 | |||||||||||
Operating costs and expenses | ||||||||||||||||||||||||
Cost of sales | — | 1,125.80 | 45.2 | 150.2 | (84.1 | ) | 1,237.10 | |||||||||||||||||
Selling, general and administrative | 1 | 37.5 | 0.9 | 4.9 | — | 44.3 | ||||||||||||||||||
Impact from severe weather event | — | 8.8 | — | — | — | 8.8 | ||||||||||||||||||
Research and development | — | 7 | — | 0.5 | — | 7.5 | ||||||||||||||||||
Total operating costs and expenses | 1 | 1,179.10 | 46.1 | 155.6 | (84.1 | ) | 1,297.70 | |||||||||||||||||
Operating (loss) income | (1.0 | ) | 133 | 2.4 | 10.1 | — | 144.5 | |||||||||||||||||
Interest expense and financing fee amortization | — | (17.4 | ) | — | (2.6 | ) | 2.4 | (17.6 | ) | |||||||||||||||
Interest income | — | 2.5 | — | — | (2.4 | ) | 0.1 | |||||||||||||||||
Other income (expense), net | — | 0.8 | 0.1 | (10.8 | ) | — | (9.9 | ) | ||||||||||||||||
(Loss) income before income taxes and equity in net (loss) income of affiliates and subsidiaries | (1.0 | ) | 118.9 | 2.5 | (3.3 | ) | — | 117.1 | ||||||||||||||||
Income tax benefit (provision) | — | (35.1 | ) | (1.0 | ) | 0.4 | — | (35.7 | ) | |||||||||||||||
(Loss) income before equity in net (loss) income of affiliates and subsidiaries | (1.0 | ) | 83.8 | 1.5 | (2.9 | ) | — | 81.4 | ||||||||||||||||
Equity in net (loss) income of affiliates | (0.2 | ) | — | — | (0.2 | ) | 0.2 | (0.2 | ) | |||||||||||||||
Equity in net (loss) income of subsidiaries | 82.4 | (1.4 | ) | — | — | (81.0 | ) | — | ||||||||||||||||
Net (loss) income | 81.2 | 82.4 | 1.5 | (3.1 | ) | (80.8 | ) | 81.2 | ||||||||||||||||
Other comprehensive (loss) income | (13.5 | ) | 0.2 | — | (13.7 | ) | 13.5 | (13.5 | ) | |||||||||||||||
Comprehensive (loss) income | $ | 67.7 | $ | 82.6 | $ | 1.5 | $ | (16.8 | ) | $ | (67.3 | ) | $ | 67.7 | ||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
3-Apr-14 | ||||||||||||||||||||||||
Holdings | Spirit | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 355.8 | $ | — | $ | 26.3 | $ | — | $ | 382.1 | ||||||||||||
Short-term investments | — | 0.3 | — | — | — | 0.3 | ||||||||||||||||||
Restricted cash | — | 72.8 | — | — | — | 72.8 | ||||||||||||||||||
Accounts receivable, net | — | 860.4 | 25.1 | 227.9 | (366.9 | ) | 746.5 | |||||||||||||||||
Inventory, net | — | 1,321.40 | 229.8 | 317.7 | — | 1,868.90 | ||||||||||||||||||
Deferred tax asset - current | — | 23.2 | — | 1 | — | 24.2 | ||||||||||||||||||
Other current assets | — | 20.4 | — | 2.2 | — | 22.6 | ||||||||||||||||||
Total current assets | — | 2,654.30 | 254.9 | 575.1 | (366.9 | ) | 3,117.40 | |||||||||||||||||
Property, plant and equipment, net | — | 1,306.80 | 306.5 | 187.5 | — | 1,800.80 | ||||||||||||||||||
Pension assets | — | 240 | — | 22.3 | — | 262.3 | ||||||||||||||||||
Investment in subsidiary | 1,029.70 | 281.4 | — | — | (1,311.1 | ) | — | |||||||||||||||||
Equity in net assets of subsidiaries | 608.4 | 148.1 | — | — | (756.5 | ) | — | |||||||||||||||||
Other assets | — | 431.4 | 80 | 22.6 | (412.5 | ) | 121.5 | |||||||||||||||||
Total assets | $ | 1,638.10 | $ | 5,062.00 | $ | 641.4 | $ | 807.5 | $ | (2,847.0 | ) | $ | 5,302.00 | |||||||||||
Current liabilities | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 681.5 | $ | 256.7 | $ | 186.8 | $ | (366.9 | ) | $ | 758.1 | |||||||||||
Accrued expenses | — | 226.4 | 0.8 | 26.4 | — | 253.6 | ||||||||||||||||||
Profit sharing | — | 15.4 | — | 1.3 | — | 16.7 | ||||||||||||||||||
Current portion of long-term debt | — | 77.7 | — | 3.9 | — | 81.6 | ||||||||||||||||||
Advance payments, short-term | — | 54.8 | — | — | — | 54.8 | ||||||||||||||||||
Deferred revenue, short-term | — | 22.7 | — | 2.3 | — | 25 | ||||||||||||||||||
Deferred grant income liability - current | — | — | 7.7 | 1.2 | — | 8.9 | ||||||||||||||||||
Other current liabilities | — | 123.9 | — | 5.1 | — | 129 | ||||||||||||||||||
Total current liabilities | — | 1,202.40 | 265.2 | 227 | (366.9 | ) | 1,327.70 | |||||||||||||||||
Long-term debt | — | 1,134.60 | 80 | 270.7 | (332.5 | ) | 1,152.80 | |||||||||||||||||
Advance payments, long-term | — | 777 | — | — | — | 777 | ||||||||||||||||||
Pension/OPEB obligation | — | 71.2 | — | — | — | 71.2 | ||||||||||||||||||
Deferred grant income liability - non-current | — | — | 73.6 | 32.3 | — | 105.9 | ||||||||||||||||||
Deferred revenue and other deferred credits | — | 22.2 | — | 7.8 | — | 30 | ||||||||||||||||||
Other liabilities | — | 255.1 | — | 24.2 | (80.0 | ) | 199.3 | |||||||||||||||||
Total equity | 1,638.10 | 1,599.50 | 222.6 | 245.5 | (2,067.6 | ) | 1,638.10 | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,638.10 | $ | 5,062.00 | $ | 641.4 | $ | 807.5 | $ | (2,847.0 | ) | $ | 5,302.00 | |||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Holdings | Spirit | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 359.2 | $ | — | $ | 61.5 | $ | — | $ | 420.7 | ||||||||||||
Accounts receivable, net | — | 643.3 | 15.3 | 214.5 | (322.3 | ) | 550.8 | |||||||||||||||||
Inventory, net | — | 1,340.20 | 208.7 | 293.7 | — | 1,842.60 | ||||||||||||||||||
Deferred tax asset-current | — | 25.2 | — | 1.7 | — | 26.9 | ||||||||||||||||||
Other current assets | — | 100.7 | — | 2.5 | — | 103.2 | ||||||||||||||||||
Total current assets | — | 2,468.60 | 224 | 573.9 | (322.3 | ) | 2,944.20 | |||||||||||||||||
Property, plant and equipment, net | — | 1,308.00 | 305.3 | 190 | — | 1,803.30 | ||||||||||||||||||
Pension assets | — | 231.1 | — | 21.5 | — | 252.6 | ||||||||||||||||||
Investment in subsidiary | 1,026.30 | 281.5 | — | — | (1,307.8 | ) | — | |||||||||||||||||
Equity in net assets of subsidiaries | 454.7 | 119.4 | — | — | (574.1 | ) | — | |||||||||||||||||
Other assets | — | 422.4 | 80 | 24.2 | (419.5 | ) | 107.1 | |||||||||||||||||
Total assets | $ | 1,481.00 | $ | 4,831.00 | $ | 609.3 | $ | 809.6 | $ | (2,623.7 | ) | $ | 5,107.20 | |||||||||||
Current liabilities | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 666.5 | $ | 224.2 | $ | 185.2 | $ | (322.2 | ) | $ | 753.7 | |||||||||||
Accrued expenses | — | 189.9 | 0.5 | 30.2 | — | 220.6 | ||||||||||||||||||
Profit sharing | — | 35.7 | — | 2.7 | — | 38.4 | ||||||||||||||||||
Current portion of long-term debt | — | 12.9 | — | 3.9 | — | 16.8 | ||||||||||||||||||
Advance payments, short-term | — | 133.5 | — | — | — | 133.5 | ||||||||||||||||||
Deferred revenue, short-term | — | 15.7 | — | 4.1 | — | 19.8 | ||||||||||||||||||
Deferred grant income liability - current | — | — | 7.3 | 1.3 | — | 8.6 | ||||||||||||||||||
Other current liabilities | — | 137.1 | — | 7.1 | — | 144.2 | ||||||||||||||||||
Total current liabilities | — | 1,191.30 | 232 | 234.5 | (322.2 | ) | 1,335.60 | |||||||||||||||||
Long-term debt | — | 1,131.40 | 80 | 278.6 | (339.5 | ) | 1,150.50 | |||||||||||||||||
Advance payments, long-term | — | 728.9 | — | — | — | 728.9 | ||||||||||||||||||
Pension/OPEB obligation | — | 69.8 | — | — | — | 69.8 | ||||||||||||||||||
Deferred grant income liability - non-current | — | — | 75.6 | 32.6 | — | 108.2 | ||||||||||||||||||
Deferred revenue and other deferred credits | — | 22.7 | — | 8.2 | — | 30.9 | ||||||||||||||||||
Other liabilities | — | 245.6 | — | 36.7 | (80.0 | ) | 202.3 | |||||||||||||||||
Total equity | 1,481.00 | 1,441.30 | 221.7 | 219 | (1,882.0 | ) | 1,481.00 | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,481.00 | $ | 4,831.00 | $ | 609.3 | $ | 809.6 | $ | (2,623.7 | ) | $ | 5,107.20 | |||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Three Months Ended April 3, 2014 | ||||||||||||||||||||||||
Holdings | Spirit | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Operating activities | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 153.6 | $ | 59.6 | $ | 9.2 | $ | (23.8 | ) | $ | (153.6 | ) | $ | 45 | ||||||||||
Investing activities | ||||||||||||||||||||||||
Purchase of property, plant and equipment | — | (42.8 | ) | (9.2 | ) | (1.0 | ) | — | (53.0 | ) | ||||||||||||||
Proceeds from sale of assets | — | 0.1 | — | — | — | 0.1 | ||||||||||||||||||
Equity in net assets of subsidiaries | (153.6 | ) | — | — | — | 153.6 | — | |||||||||||||||||
Net cash provided by (used in) investing activities | (153.6 | ) | (42.7 | ) | (9.2 | ) | (1.0 | ) | 153.6 | (52.9 | ) | |||||||||||||
Financing activities | ||||||||||||||||||||||||
Proceeds from issuance of bonds | — | 300 | — | — | — | 300 | ||||||||||||||||||
Principal payments of debt | — | (8.6 | ) | — | (0.9 | ) | — | (9.5 | ) | |||||||||||||||
Collection on (repayment of) intercompany debt | — | 7 | — | (7.0 | ) | — | — | |||||||||||||||||
Payments on bonds | — | (227.2 | ) | — | — | — | (227.2 | ) | ||||||||||||||||
Excess tax benefits from share-based payment arrangements | — | 0.5 | — | — | — | 0.5 | ||||||||||||||||||
Debt issuance and financing costs | — | (19.2 | ) | — | — | — | (19.2 | ) | ||||||||||||||||
Change in restricted cash | — | (72.8 | ) | — | — | — | (72.8 | ) | ||||||||||||||||
Net cash (used in) financing activities | — | (20.3 | ) | — | (7.9 | ) | — | (28.2 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (2.5 | ) | — | (2.5 | ) | ||||||||||||||||
Net (decrease) in cash and cash equivalents for the period | — | (3.4 | ) | — | (35.2 | ) | — | (38.6 | ) | |||||||||||||||
Cash and cash equivalents, beginning of period | — | 359.2 | — | 61.5 | — | 420.7 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 355.8 | $ | — | $ | 26.3 | $ | — | $ | 382.1 | ||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Three Months Ended March 28, 2013 | ||||||||||||||||||||||||
Holdings | Spirit | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Operating activities | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 81.2 | $ | (42.1 | ) | $ | 2.5 | $ | (5.8 | ) | $ | (81.2 | ) | $ | (45.4 | ) | ||||||||
Investing activities | ||||||||||||||||||||||||
Purchase of property, plant and equipment | — | (68.0 | ) | (2.5 | ) | (3.9 | ) | — | (74.4 | ) | ||||||||||||||
Purchase of property, plant and equipment - severe weather event | — | (5.8 | ) | — | — | — | (5.8 | ) | ||||||||||||||||
Proceeds from the sale of assets | — | 0.1 | — | — | — | 0.1 | ||||||||||||||||||
Consolidation of variable interest entity | — | — | — | 2.1 | — | 2.1 | ||||||||||||||||||
Equity in net assets of subsidiaries | (81.2 | ) | — | — | — | 81.2 | — | |||||||||||||||||
Other | — | 3.4 | — | (3.4 | ) | — | — | |||||||||||||||||
Net cash provided by (used in) investing activities | (81.2 | ) | (70.3 | ) | (2.5 | ) | (5.2 | ) | 81.2 | (78.0 | ) | |||||||||||||
Financing activities | ||||||||||||||||||||||||
Principal payments of debt | — | (1.7 | ) | — | (0.9 | ) | — | (2.6 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | — | (1.7 | ) | — | (0.9 | ) | — | (2.6 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (1.6 | ) | — | (1.6 | ) | ||||||||||||||||
Net (decrease) in cash and cash equivalents for the period | — | (114.1 | ) | — | (13.5 | ) | — | (127.6 | ) | |||||||||||||||
Cash and cash equivalents, beginning of period | — | 369.1 | — | 71.6 | — | 440.7 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 255 | $ | — | $ | 58.1 | $ | — | $ | 313.1 | ||||||||||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Apr. 03, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
On April 1, 2014, Spirit notified the trustee for the 2017 Notes of its election to call for redemption on May 1, 2014 | |
the $72.8 aggregate of 2017 Notes outstanding following the expiration of the Tender Offer and instructed the trustee | |
to provide notice of such redemption to the holders of the 2017 Notes. | |
On April 8, 2014, Spirit entered into a Memorandum of Agreement ("MOA") with Boeing amending Spirit’s long-term supply agreement with Boeing covering products for Boeing’s B737, B747, B767 and B777 commercial aircraft programs (the "Supply Agreement"). The MOA establishes pricing terms for recurring products under the Supply Agreement for the period commencing on April 1, 2014 and ending on December 31, 2015. The new pricing terms will not be applied to the period prior to April 1, 2014. The MOA includes implementation of a production rate up to 47 airplanes per month on the B737 program and suspension of twelve months of B787 advance repayments, which will be applied beginning at line unit 1,001. | |
On May 1, 2014, Spirit called the remaining $72.8 of 2017 Notes outstanding. |
New_Accounting_Pronouncements_
New Accounting Pronouncements (Policies) | 3 Months Ended |
Apr. 03, 2014 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ' |
Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity | ' |
In April 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (FASB ASU 2014-08). This update changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. The provisions of FASB ASU 2014-08 are effective in annual periods beginning on or after December 15, 2014 and interim periods within those annual periods. The Company is currently evaluating the new guidance to determine the impact it may have to its consolidated financial statements. | |
Presentation Unrecognized Tax Benefit Net Operating Loss Carryforward Tax Credit Carryforward | ' |
In July 2013, the FASB issued Accounting Standards Update No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (FASB ASU 2013-11). This update was issued to give explicit guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The provisions of FASB ASU 2013-11 are effective for fiscal years and interim periods beginning after December 15, 2013. The adoption of the provisions of this update did not have a material impact on the Company’s consolidated financial statements. | |
Inclusion Fed Funds Effective Swap Rate Benchmark Interest Rate Hedge Accounting | ' |
In July 2013, the FASB issued Accounting Standards Update No. 2013-10, Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes (FASB ASU 2013-10). The amendments in this update permit the Fed Funds Effective Swap Rate (OIS) to be used as a U.S. benchmark interest rate for hedge accounting purposes, in addition to UST and LIBOR. The amendments also remove the restriction on using different benchmark rates for similar hedges. The amendment is effective for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of the provisions of FASB ASU 2013-10 did not have a material impact on the Company’s consolidated financial statements. | |
Balance Sheet Offsetting | ' |
In December 2011, the FASB issued Accounting Standards Update No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (FASB ASU 2011-11). The amendments in this update will require an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The intention is to enhance required disclosures by improving information about financial instruments and derivative instruments that are either offset in accordance with FASB guidance or are subject to an enforceable master netting arrangement; irrespective of whether they are offset in accordance with FASB guidance. The provisions of FASB ASU 2011-11 are effective for annual and interim reporting periods beginning on or after January 1, 2013. The adoption of the provisions of FASB ASU 2011-11 did not have a material impact on the Company’s consolidated financial statements. |
Accounts_Receivable_net_Tables
Accounts Receivable, net (Tables) | 3 Months Ended | |||||||
Apr. 03, 2014 | ||||||||
Accounts Receivable, Net, Current [Abstract] | ' | |||||||
Accounts Receivable, Net | ' | |||||||
Accounts receivable, net consists of the following: | ||||||||
April 3, | December 31, | |||||||
2014 | 2013 | |||||||
Trade receivables (1)(2)(3) | $ | 737.9 | $ | 544.2 | ||||
Other | 8.9 | 6.8 | ||||||
Less: allowance for doubtful accounts | (0.3 | ) | (0.2 | ) | ||||
Accounts receivable, net | $ | 746.5 | $ | 550.8 | ||||
-1 | Includes unbilled receivables of $35.3 and $33.5 at April 3, 2014 and December 31, 2013, respectively. | |||||||
-2 | Includes $135.1 held in retainage by a customer at April 3, 2014 and December 31, 2013. | |||||||
-3 | Includes $21.8 and $24.6 of withheld payments by a customer pending completion of retrofit work at April 3, 2014 and December 31, 2013, respectively. |
Inventory_Tables
Inventory (Tables) | 3 Months Ended | |||||||||||||||||||||||
Apr. 03, 2014 | ||||||||||||||||||||||||
Inventory Disclosure [Abstract] | ' | |||||||||||||||||||||||
Summary Of Inventories | ' | |||||||||||||||||||||||
Inventories are summarized as follows: | ||||||||||||||||||||||||
April 3, | December 31, | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Raw materials | $ | 262.1 | $ | 240.2 | ||||||||||||||||||||
Work-in-process | 1,009.00 | 1,057.80 | ||||||||||||||||||||||
Finished goods | 46.8 | 43.7 | ||||||||||||||||||||||
Product inventory | 1,317.90 | 1,341.70 | ||||||||||||||||||||||
Capitalized pre-production | 463.2 | 486.2 | ||||||||||||||||||||||
Deferred production | 1,757.20 | 1,661.20 | ||||||||||||||||||||||
Forward loss provision | (1,669.4 | ) | (1,646.5 | ) | ||||||||||||||||||||
Total inventory, net | $ | 1,868.90 | $ | 1,842.60 | ||||||||||||||||||||
Summary Of Inventories By Platform | ' | |||||||||||||||||||||||
Inventories are summarized by platform and costs below: | ||||||||||||||||||||||||
3-Apr-14 | ||||||||||||||||||||||||
Product Inventory | ||||||||||||||||||||||||
Inventory | Non-Recurring | Capitalized Pre- | Deferred | Forward Loss | Total Inventory, | |||||||||||||||||||
Production | Production | Provision(1) (2) | net April 3, 2014 | |||||||||||||||||||||
B747(3) | $ | 92.1 | $ | 0.1 | $ | 3.4 | $ | (1.6 | ) | $ | (32.3 | ) | $ | 61.7 | ||||||||||
B787 | 246.9 | 14.4 | 143.5 | 580.6 | (605.1 | ) | 380.3 | |||||||||||||||||
Boeing - All other platforms(4) | 406.1 | 1.1 | 7 | (17.8 | ) | (18.3 | ) | 378.1 | ||||||||||||||||
A350 | 189.6 | 53 | 76 | 445 | (120.9 | ) | 642.7 | |||||||||||||||||
Airbus - All other platforms | 81.2 | — | — | 17.4 | — | 98.6 | ||||||||||||||||||
G280(5) | 46.6 | — | 4.7 | 257 | (308.3 | ) | — | |||||||||||||||||
G650 | 64.2 | — | 186.9 | 402.7 | (450.8 | ) | 203 | |||||||||||||||||
Rolls-Royce(6) | 19.7 | — | 41.7 | 72.3 | (133.7 | ) | — | |||||||||||||||||
Sikorsky | 0.5 | 7.2 | — | — | — | 7.7 | ||||||||||||||||||
Bombardier C-Series | 7.2 | — | — | 1.6 | — | 8.8 | ||||||||||||||||||
Aftermarket | 43.4 | — | — | — | — | 43.4 | ||||||||||||||||||
Other platforms(7) | 43.5 | 1.1 | — | — | — | 44.6 | ||||||||||||||||||
Total | $ | 1,241.00 | $ | 76.9 | $ | 463.2 | $ | 1,757.20 | $ | (1,669.4 | ) | $ | 1,868.90 | |||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Product Inventory | ||||||||||||||||||||||||
Inventory | Non-Recurring | Capitalized Pre- | Deferred | Forward Loss | Total Inventory, | |||||||||||||||||||
Production | Production | Provision(1) (2) | net December 31, | |||||||||||||||||||||
2013 | ||||||||||||||||||||||||
B747(3) | $ | 96.4 | $ | 0.1 | $ | 4.4 | $ | 1 | $ | (37.2 | ) | $ | 64.7 | |||||||||||
B787 | 263.9 | 14.7 | 158.2 | 597.3 | (606.0 | ) | 428.1 | |||||||||||||||||
Boeing - All other platforms(4) | 421.4 | 11.5 | 7 | (21.7 | ) | (18.6 | ) | 399.6 | ||||||||||||||||
A350 | 166.7 | 42.5 | 76.5 | 388.8 | (120.8 | ) | 553.7 | |||||||||||||||||
Airbus - All other platforms | 83.2 | — | — | 18.8 | — | 102 | ||||||||||||||||||
G280(5) | 46.9 | — | 4.9 | 233.7 | (285.5 | ) | — | |||||||||||||||||
G650 | 59.2 | — | 192.7 | 373.3 | (450.8 | ) | 174.4 | |||||||||||||||||
Rolls-Royce(6) | 15.8 | — | 42.5 | 69.3 | (127.6 | ) | — | |||||||||||||||||
Sikorsky | — | 5.4 | — | — | — | 5.4 | ||||||||||||||||||
Bombardier C-Series | 9.1 | — | — | 0.7 | — | 9.8 | ||||||||||||||||||
Aftermarket | 37 | — | — | — | — | 37 | ||||||||||||||||||
Other platforms(7) | 67.1 | 0.8 | — | — | — | 67.9 | ||||||||||||||||||
Total | $ | 1,266.70 | $ | 75 | $ | 486.2 | $ | 1,661.20 | $ | (1,646.5 | ) | $ | 1,842.60 | |||||||||||
-1 | Forward loss charges taken since January 1, 2012 on blocks that have not closed. | |||||||||||||||||||||||
-2 | Forward loss charges taken through December 31, 2011 were reflected within capitalized pre-production and inventory for the respective programs and are therefore not reflected as part of the Forward Loss Provision figure presented. The cumulative forward loss charges, net of contract liabilities, reflected within capitalized pre-production and inventory were $3.0, $177.6 and $29.0 for the A350 XWB, G280 and Sikorsky programs, respectively. | |||||||||||||||||||||||
-3 | Forward loss provision of $41.1 recorded on the fuselage portion of the B747 program in 2013 exceeded the total inventory balance. The excess of charge over program inventory is classified as a contract liability and reported in other current liabilities. The total contract liability was $8.8 and $3.9 as of April 3, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||
-4 | Forward loss provision of $11.6 recorded in 2013 on the B767 program, of which $7.5 related to propulsion which exceeded the inventory balance for the propulsion portion of the program. The excess of charge over program inventory is classified as a contract liability and reported in other current liabilities. The total contract liability was $6.1 and $5.8 as of April 3, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||
-5 | Forward loss provision of $240.9 recorded in 2013 exceeded the total inventory balance. The excess of charge over program inventory is classified as a contract liability and reported in other current liabilities. The total contract liability was $51.7 and $74.2 as of April 3, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||
-6 | Forward loss provision of $151.0 recorded in 2012 exceeded the total inventory balance. In 2013, a forward loss provision of $21.7 and a forward loss reduction of $8.4 were recorded. The excess of the charge over program inventory is classified as a contract liability and reported in other current liabilities. The total contract liability was $30.6 and $36.7 as of April 3, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||
-7 | Includes over-applied and under-applied overhead. | |||||||||||||||||||||||
Capitalized Pre Production Included In Inventory | ' | |||||||||||||||||||||||
The following is a roll forward of the capitalized pre-production costs included in the inventory balance at April 3, 2014: | ||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 486.2 | ||||||||||||||||||||||
Charges to costs and expenses | (23.2 | ) | ||||||||||||||||||||||
Capitalized costs | 0.2 | |||||||||||||||||||||||
Balance, April 3, 2014 | $ | 463.2 | ||||||||||||||||||||||
Deferred Production Included In The Inventory | ' | |||||||||||||||||||||||
The following is a roll forward of the deferred production costs included in the inventory balance at April 3, 2014: | ||||||||||||||||||||||||
Balance, December 31, 2013 | $ | 1,661.20 | ||||||||||||||||||||||
Charges to costs and expenses | (89.9 | ) | ||||||||||||||||||||||
Capitalized costs | 185.5 | |||||||||||||||||||||||
Exchange rate | 0.4 | |||||||||||||||||||||||
Balance, April 3, 2014 | $ | 1,757.20 | ||||||||||||||||||||||
Block and Orders | ' | |||||||||||||||||||||||
Significant amortization of capitalized pre-production and deferred production inventory will occur over the following contract blocks: | ||||||||||||||||||||||||
Model | Contract Block | Orders(1) | ||||||||||||||||||||||
Quantity | ||||||||||||||||||||||||
B787 | 500 | 899 | ||||||||||||||||||||||
A350 XWB | 400 | 812 | ||||||||||||||||||||||
G280 | 250 | 98 | ||||||||||||||||||||||
G650 | 350 | 159 | ||||||||||||||||||||||
Rolls-Royce | 350 | 136 | ||||||||||||||||||||||
-1 | Orders are from the published firm-order backlogs of Airbus and Boeing. For all other programs, orders represent purchase orders received from OEMs and are not reflective of OEM sales backlog. Orders reported are total block orders, including delivered units. | |||||||||||||||||||||||
Current block deliveries are as follows: | ||||||||||||||||||||||||
Model | Current Block | |||||||||||||||||||||||
Deliveries | ||||||||||||||||||||||||
B787 | 195 | |||||||||||||||||||||||
A350 XWB | 13 | |||||||||||||||||||||||
Business/Regional Jets | 251 | |||||||||||||||||||||||
Property_Plant_and_Equipment_T
Property, Plant and Equipment (Tables) | 3 Months Ended | |||||||
Apr. 03, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, plant and equipment, net | ' | |||||||
Property, plant and equipment, net consists of the following: | ||||||||
April 3, | December 31, | |||||||
2014 | 2013 | |||||||
Land | $ | 17.9 | $ | 17.9 | ||||
Buildings (including improvements) | 568.5 | 566 | ||||||
Machinery and equipment | 1,113.30 | 1,084.00 | ||||||
Tooling | 807.2 | 801.6 | ||||||
Capitalized software | 199.2 | 172.2 | ||||||
Construction-in-progress | 105.1 | 130.2 | ||||||
Total | 2,811.20 | 2,771.90 | ||||||
Less: accumulated depreciation | (1,010.4 | ) | (968.6 | ) | ||||
Property, plant and equipment, net | $ | 1,800.80 | $ | 1,803.30 | ||||
Other_Assets_Tables
Other Assets (Tables) | 3 Months Ended | |||||||
Apr. 03, 2014 | ||||||||
Other Assets, Noncurrent [Abstract] | ' | |||||||
Other Assets | ' | |||||||
Other assets are summarized as follows: | ||||||||
April 3, | December 31, | |||||||
2014 | 2013 | |||||||
Intangible assets | ||||||||
Patents | $ | 1.9 | $ | 1.9 | ||||
Favorable leasehold interests | 6.3 | 6.3 | ||||||
Customer relationships | 28.7 | 28.7 | ||||||
Total intangible assets | 36.9 | 36.9 | ||||||
Less: Accumulated amortization - patents | (1.3 | ) | (1.3 | ) | ||||
Accumulated amortization - favorable leasehold interest | (3.2 | ) | (3.1 | ) | ||||
Accumulated amortization - customer relationships | (28.7 | ) | (27.8 | ) | ||||
Intangible assets, net | 3.7 | 4.7 | ||||||
Deferred financing | ||||||||
Deferred financing costs | 99.7 | 80.5 | ||||||
Less: Accumulated amortization - deferred financing costs (1) | (72.0 | ) | (56.3 | ) | ||||
Deferred financing costs, net | 27.7 | 24.2 | ||||||
Other | ||||||||
Goodwill - Europe | 3 | 3 | ||||||
Equity in net assets of affiliates | 1.6 | 1.4 | ||||||
Customer supply agreement (2) | 37 | 37.6 | ||||||
Other | 48.5 | 36.2 | ||||||
Total | $ | 121.5 | $ | 107.1 | ||||
-1 | Includes charges related to debt extinguishment. | |||||||
-2 | Under an agreement with our customer Airbus, certain payments accounted for as consideration given by the Company to Airbus are being amortized as a reduction to net revenues. |
Advance_Payments_and_Deferred_1
Advance Payments and Deferred Revenue/Credits (Tables) | 3 Months Ended | |||||||
Apr. 03, 2014 | ||||||||
Advance Payments And Deferred Revenue Credits [Abstract] | ' | |||||||
Advance Payments And Deferred Revenue Credits Summarized | ' | |||||||
Advance payments and deferred revenue/credits are summarized by platform as follows: | ||||||||
April 3, | December 31, | |||||||
2014 | 2013 | |||||||
B737 | $ | 18.1 | $ | 18.7 | ||||
B787 | 578.8 | 600.2 | ||||||
A350 XWB | 241.3 | 243.9 | ||||||
Airbus — All other platforms | 5.8 | 7.3 | ||||||
Gulfstream | 25.2 | 22 | ||||||
Other | 17.6 | 21 | ||||||
Total advance payments and deferred revenue/credits | $ | 886.8 | $ | 913.1 | ||||
Government_Grants_Tables
Government Grants (Tables) | 3 Months Ended | |||
Apr. 03, 2014 | ||||
Government Grants [Abstract] | ' | |||
Deferred Grant Income Liability Net | ' | |||
Deferred grant income liability, net consists of the following: | ||||
Balance, December 31, 2013 | $ | 116.8 | ||
Grant liability amortized | (0.3 | ) | ||
Grant income recognized | (1.7 | ) | ||
Total asset value related to deferred grant income, April 3, 2014 | $ | 114.8 | ||
Asset Related To Deferred Grant Income Net | ' | |||
The asset related to the deferred grant income consists of the following: | ||||
Balance, December 31, 2013 | $ | 120.3 | ||
Amortization | (1.3 | ) | ||
Exchange rate | 0.1 | |||
Total asset value related to deferred grant income, April 3, 2014 | $ | 119.1 | ||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | |||||||||||||||||||||||
Apr. 03, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
3-Apr-14 | At April 3, 2014 using | |||||||||||||||||||||||
Description | Total Carrying | Assets | Liabilities | Quoted Prices in | Significant | Significant | ||||||||||||||||||
Amount in | Measured at | Measured at Fair | Active Markets | Other | Unobservable | |||||||||||||||||||
Balance Sheet | Fair Value | Value | for Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
Money Market Fund | $ | 323.3 | $ | 323.3 | $ | — | $ | 323.3 | $ | — | $ | — | ||||||||||||
Interest Rate Swaps | $ | (0.8 | ) | $ | — | $ | (0.8 | ) | $ | — | $ | (0.8 | ) | $ | — | |||||||||
Marketable Securities | $ | 0.3 | $ | 0.3 | $ | — | $ | 0.3 | $ | — | $ | — | ||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||
31-Dec-13 | At December 31, 2013 using | |||||||||||||||||||||||
Description | Total Carrying | Assets | Liabilities | Quoted Prices in | Significant | Significant | ||||||||||||||||||
Amount in | Measured at | Measured at Fair | Active Markets | Other | Unobservable | |||||||||||||||||||
Balance Sheet | Fair Value | Value | for Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | (Level 3) | ||||||||||||||||||||||
(Level 1) | (Level 2) | |||||||||||||||||||||||
Money Market Fund | $ | 293.3 | $ | 293.3 | $ | — | $ | 293.3 | $ | — | $ | — | ||||||||||||
Interest Rate Swaps | $ | (1.4 | ) | $ | — | $ | (1.4 | ) | $ | — | $ | (1.4 | ) | $ | — | |||||||||
Carrying Amount And Estimated Fair Value Of Long Term Debt | ' | |||||||||||||||||||||||
The following table presents the carrying amount and estimated fair value of long-term debt in accordance with FASB authoritative guidance on fair value measurements related to disclosures of financial instruments: | ||||||||||||||||||||||||
3-Apr-14 | 31-Dec-13 | |||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||
Amount | Value | Amount | Value | |||||||||||||||||||||
Senior secured term loan (including current portion) | $ | 538.5 | $ | 537.5 | -1 | $ | 538.2 | $ | 541.9 | -1 | ||||||||||||||
Senior unsecured notes due 2017 | 72 | 74.5 | -1 | 296.4 | 309 | -1 | ||||||||||||||||||
Senior unsecured notes due 2020 | 300 | 323.3 | -1 | 300 | 323.4 | -1 | ||||||||||||||||||
Senior unsecured notes due 2022 | 299.4 | 302.2 | -1 | — | — | -1 | ||||||||||||||||||
Malaysian loan | 9.2 | 7.8 | -2 | 10 | 8.5 | -2 | ||||||||||||||||||
Total | $ | 1,219.10 | $ | 1,245.30 | $ | 1,144.60 | $ | 1,182.80 | ||||||||||||||||
-1 | Level 1 Fair Value hierarchy | |||||||||||||||||||||||
-2 | Level 2 Fair Value hierarchy |
Derivative_and_Hedging_Activit1
Derivative and Hedging Activities (Tables) | 3 Months Ended | |||||||||||||||
Apr. 03, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||
Interest rate swaps | ' | |||||||||||||||
The Company enters into floating-to-fixed interest rate swap agreements periodically. As of April 3, 2014, the Company had one outstanding interest rate swap agreement which had a notional amount of $225.0. | ||||||||||||||||
Effective | Fair Value, | |||||||||||||||
Notional Amount | Expires | Variable Rate | Fixed Rate (1) | Fixed Rate(2) | 3-Apr-14 | |||||||||||
$ | 225 | July 2014 | 1 Month LIBOR | 1.37 | % | N/A | $ | (0.8 | ) | |||||||
-1 | The fixed rate represents the rate at which interest is paid by the Company pursuant to the terms of its interest rate swap agreement. | |||||||||||||||
-2 | As of April 3, 2014, the interest rate swap is no longer effective and therefore the effective fixed rate is not applicable. | |||||||||||||||
Fair value of outstanding derivatives | ' | |||||||||||||||
The following table summarizes the Company’s fair value of outstanding derivatives at April 3, 2014 and December 31, 2013: | ||||||||||||||||
Other Liability Derivatives | ||||||||||||||||
3-Apr-14 | December 31, 2013 | |||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||
Interest rate swaps | ||||||||||||||||
Current | $ | 0.8 | $ | 1.4 | ||||||||||||
Total derivatives designated as hedging instruments | 0.8 | 1.4 | ||||||||||||||
Total derivatives | $ | 0.8 | $ | 1.4 | ||||||||||||
Investments_Tables
Investments (Tables) | 3 Months Ended | |||||||||||||||
Apr. 03, 2014 | ||||||||||||||||
Investment [Abstract] | ' | |||||||||||||||
Available For Sale Securities | ' | |||||||||||||||
The amortized cost and approximate fair value of available-for-sale securities are as follows: | ||||||||||||||||
3-Apr-14 | 31-Dec-13 | |||||||||||||||
Current | Noncurrent | Current | Noncurrent | |||||||||||||
Marketable Securities | ||||||||||||||||
Cost | $ | 0.3 | $ | — | $ | — | $ | — | ||||||||
Unrealized gains | — | — | — | — | ||||||||||||
Unrealized losses | — | — | — | — | ||||||||||||
Fair Value | $ | 0.3 | $ | — | $ | — | $ | — | ||||||||
Amortized Cost And Approximate Fair Value Of Held To Maturity Securities | ' | |||||||||||||||
The amortized cost and approximate fair value of held-to-maturity securities are as follows: | ||||||||||||||||
3-Apr-14 | 31-Dec-13 | |||||||||||||||
Current | Noncurrent | Current | Noncurrent | |||||||||||||
Government and Corporate Debt | ||||||||||||||||
Securities | ||||||||||||||||
Amortized cost | $ | 0.6 | $ | 2.9 | $ | 0.5 | $ | 3.1 | ||||||||
Unrealized gains | — | 0.1 | — | 0.1 | ||||||||||||
Unrealized losses | — | (0.1 | ) | — | (0.1 | ) | ||||||||||
Fair value | $ | 0.6 | $ | 2.9 | $ | 0.5 | $ | 3.1 | ||||||||
Held To Maturity Securities Debt Maturities | ' | |||||||||||||||
Maturities of held-to-maturity securities at April 3, 2014 are as follows: | ||||||||||||||||
Amortized | Approximate | |||||||||||||||
Cost | Fair Value | |||||||||||||||
Within One Year | $ | 0.6 | $ | 0.6 | ||||||||||||
One to Five Years | 1 | 1 | ||||||||||||||
Five to Ten Years | — | — | ||||||||||||||
After Ten Years | 1.9 | 1.9 | ||||||||||||||
Total | $ | 3.5 | $ | 3.5 | ||||||||||||
Debt_Tables
Debt (Tables) | 3 Months Ended | |||||||||||||
Apr. 03, 2014 | ||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||
Long Term Debt And Capital Lease Obligations Current And Non Current | ' | |||||||||||||
Total debt shown on the balance sheet is comprised of the following: | ||||||||||||||
3-Apr-14 | 31-Dec-13 | |||||||||||||
Current | Noncurrent | Current | Noncurrent | |||||||||||
Senior secured term loan | $ | 5.5 | $ | 533 | $ | 5.5 | $ | 532.7 | ||||||
Senior notes due 2017 | 72 | — | — | 296.4 | ||||||||||
Senior notes due 2020 | — | 300 | — | 300 | ||||||||||
Senior notes due 2022 | — | 299.4 | — | — | ||||||||||
Malaysian term loan | 3 | 6.2 | 3 | 7 | ||||||||||
Present value of capital lease obligations | 1 | 14 | 1.1 | 14.2 | ||||||||||
Other | 0.1 | 0.2 | 7.2 | 0.2 | ||||||||||
Total | $ | 81.6 | $ | 1,152.80 | $ | 16.8 | $ | 1,150.50 | ||||||
Pension_and_Other_PostRetireme1
Pension and Other Post-Retirement Benefits (Tables) | 3 Months Ended | ||||||||
Apr. 03, 2014 | |||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ' | ||||||||
Change in projected benefit obligations | ' | ||||||||
Defined Benefit Plans | |||||||||
For the Three | |||||||||
Months Ended | |||||||||
Components of Net Periodic Pension | April 3, | March 28, | |||||||
Income | 2014 | 2013 | |||||||
Service cost | $ | — | $ | 1.9 | |||||
Interest cost | 12.9 | 11.7 | |||||||
Expected return on plan assets | (22.3 | ) | (21.3 | ) | |||||
Amortization of net loss | — | 3.1 | |||||||
Net periodic pension income | $ | (9.4 | ) | $ | (4.6 | ) | |||
Other Benefits | |||||||||
For the Three | |||||||||
Months Ended | |||||||||
Components of Other Benefit Expense | April 3, | March 28, | |||||||
2014 | 2013 | ||||||||
Service cost | $ | 0.7 | $ | 0.7 | |||||
Interest cost | 0.7 | 0.6 | |||||||
Net periodic other benefit expense | $ | 1.4 | $ | 1.3 | |||||
Equity_Tables
Equity (Tables) | 3 Months Ended | |||||||||||||||||||||
Apr. 03, 2014 | ||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||||||||||||
Basic and Diluted Earnings per share | ' | |||||||||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share: | ||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||
3-Apr-14 | 28-Mar-13 | |||||||||||||||||||||
Income | Shares | Per Share | Income | Shares | Per Share | |||||||||||||||||
Amount | Amount | |||||||||||||||||||||
Basic EPS | ||||||||||||||||||||||
Income available to common shareholders | $ | 152.4 | 141.6 | $ | 1.08 | $ | 80.4 | 141 | $ | 0.57 | ||||||||||||
Income allocated to participating securities | 1.2 | 1.1 | 0.8 | 1.4 | ||||||||||||||||||
Net income | $ | 153.6 | $ | 81.2 | ||||||||||||||||||
Diluted potential common shares | 1 | 0.7 | ||||||||||||||||||||
Diluted EPS | ||||||||||||||||||||||
Net income | $ | 153.6 | 143.7 | $ | 1.07 | $ | 81.2 | 143.1 | $ | 0.57 | ||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) | ' | |||||||||||||||||||||
Accumulated Other Comprehensive Loss is summarized by component as follows: | ||||||||||||||||||||||
For the Three Months Ended | For the Twelve Months Ended | |||||||||||||||||||||
3-Apr-14 | 31-Dec-13 | |||||||||||||||||||||
Pension | $ | (52.8 | ) | $ | (52.7 | ) | ||||||||||||||||
SERP/Retiree medical | 3.1 | 3.1 | ||||||||||||||||||||
Foreign currency impact on long term intercompany loan | (2.4 | ) | (2.2 | ) | ||||||||||||||||||
Currency translation adjustment | (2.3 | ) | (2.8 | ) | ||||||||||||||||||
Total accumulated other comprehensive (loss) | $ | (54.4 | ) | $ | (54.6 | ) |
Commitments_Contingencies_and_1
Commitments, Contingencies and Guarantees (Tables) | 3 Months Ended | |||
Apr. 03, 2014 | ||||
Commitments Contingencies And Guarantees [Abstract] | ' | |||
Service warranty roll forward | ' | |||
The following is a roll forward of the service warranty and extraordinary rework balance at April 3, 2014: | ||||
Balance, December 31, 2013 | $ | 68.7 | ||
Charges to costs and expenses | 11.1 | |||
Balance, April 3, 2014 | $ | 79.8 | ||
Other_Income_Expense_Net_Table
Other Income (Expense), Net (Tables) | 3 Months Ended | |||||||
Apr. 03, 2014 | ||||||||
Other Nonoperating Income (Expense) [Abstract] | ' | |||||||
Other Income Expense Net | ' | |||||||
Other income (expense), net is summarized as follows: | ||||||||
For the Three Months Ended | ||||||||
April 3, | March 28, | |||||||
2014 | 2013 | |||||||
KDFA bond | $ | 1 | $ | 0.9 | ||||
Rental and miscellaneous income | — | 0.1 | ||||||
Foreign currency gains (loss) | 0.2 | (10.9 | ) | |||||
Total | $ | 1.2 | $ | (9.9 | ) | |||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||
Apr. 03, 2014 | ||||||||
Segment Reporting [Abstract] | ' | |||||||
Segment Information | ' | |||||||
The following table shows segment revenues and operating income for the three months ended April 3, 2014 and March 28, 2013: | ||||||||
Three Months Ended | ||||||||
April 3, | March 28, | |||||||
2014 | 2013 | |||||||
Segment Revenues | ||||||||
Fuselage Systems | $ | 858.3 | $ | 717.9 | ||||
Propulsion Systems | 450.2 | 375.3 | ||||||
Wing Systems | 414.2 | 343.3 | ||||||
All Other | 5.8 | 5.7 | ||||||
$ | 1,728.50 | $ | 1,442.20 | |||||
Segment Operating Income | ||||||||
Fuselage Systems (1) | $ | 142 | $ | 126.4 | ||||
Propulsion Systems (2) | 80.2 | 68.4 | ||||||
Wing Systems (3) | 50 | 20.5 | ||||||
All Other | 0.1 | 1.6 | ||||||
272.3 | 216.9 | |||||||
Corporate SG&A (4) | (60.5 | ) | (44.3 | ) | ||||
Impact from severe weather event | — | (8.8 | ) | |||||
Research and development (5) | (6.3 | ) | (7.5 | ) | ||||
Unallocated cost of sales (6) | (11.1 | ) | (11.8 | ) | ||||
Total operating income | $ | 194.4 | $ | 144.5 | ||||
-1 | For 2014, net of $0.9 forward loss charge recorded on the Bell V280 helicopter program. Also includes favorable cumulative catch-up adjustments of $9.0 and $11.0 for the three months ended April 3, 2014 and March 28, 2013, respectively. | |||||||
-2 | Includes favorable cumulative catch-up adjustments of $4.8 and $9.7 for the three months ended April 3, 2014 and March 28, 2013, respectively. | |||||||
-3 | For 2014, net of $0.3 forward loss charge recorded on the G280 wing program. For 2013, net of $15.3 forward loss charge recorded for the B787 wing program. Also includes favorable cumulative catch-up adjustments of $2.8 for the three months ended April 3, 2014 and unfavorable cumulative catch-up adjustments of $0.4 for the three months ended March 28, 2013. | |||||||
-4 | For 2013, corporate SG&A of $2.3, $1.2 and $1.2 was reclassified from segment operating income for the Fuselage, Propulsion, and Wing Systems, respectively, to conform to current year presentation. | |||||||
-5 | For 2013, research and development of $2.7, $1.9 and $1.1 was reclassified from segment operating income Fuselage, Propulsion, and Wing Systems, respectively, to conform to current year presentation. | |||||||
-6 | Includes $11.1 of warranty reserve for 2014. For 2013, includes $10.0 of warranty reserve and $1.8 related to early retirement incentives. |
Condensed_Consolidating_Financ1
Condensed Consolidating Financial Information (Tables) | 3 Months Ended | |||||||||||||||||||||||
Apr. 03, 2014 | ||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||||||
Condensed Income Statement | ' | |||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
For the Three Months Ended April 3, 2014 | ||||||||||||||||||||||||
Holdings | Spirit | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Net revenues | $ | — | $ | 1,613.60 | $ | 87 | $ | 205.8 | $ | (177.9 | ) | $ | 1,728.50 | |||||||||||
Operating costs and expenses | ||||||||||||||||||||||||
Cost of sales | — | 1,377.80 | 84.9 | 182.5 | (177.9 | ) | 1,467.30 | |||||||||||||||||
Selling, general and administrative | 1.5 | 53.9 | 0.6 | 4.5 | — | 60.5 | ||||||||||||||||||
Research and development | — | 5.7 | — | 0.6 | — | 6.3 | ||||||||||||||||||
Total operating costs and expenses | 1.5 | 1,437.40 | 85.5 | 187.6 | (177.9 | ) | 1,534.10 | |||||||||||||||||
Operating (loss) income | (1.5 | ) | 176.2 | 1.5 | 18.2 | — | 194.4 | |||||||||||||||||
Interest expense and financing fee amortization | — | (35.2 | ) | — | (2.8 | ) | 2.6 | (35.4 | ) | |||||||||||||||
Interest income | — | 2.6 | — | 0.1 | (2.6 | ) | 0.1 | |||||||||||||||||
Other income, net | — | 0.9 | — | 0.3 | — | 1.2 | ||||||||||||||||||
(Loss) income before income taxes and equity in net (loss) income of affiliates and subsidiaries | (1.5 | ) | 144.5 | 1.5 | 15.8 | — | 160.3 | |||||||||||||||||
Income tax benefit (provision) benefit | (0.1 | ) | (16.6 | ) | (0.5 | ) | 10.3 | — | (6.9 | ) | ||||||||||||||
(Loss) income before equity in net (loss) income of affiliates and subsidiaries | (1.6 | ) | 127.9 | 1 | 26.1 | — | 153.4 | |||||||||||||||||
Equity in net (loss) income of affiliates | 0.2 | — | — | 0.2 | (0.2 | ) | 0.2 | |||||||||||||||||
Equity in net (loss) income of subsidiaries | 155 | 27 | — | — | (182.0 | ) | — | |||||||||||||||||
Net (loss) income | 153.6 | 154.9 | 1 | 26.3 | (182.2 | ) | 153.6 | |||||||||||||||||
Other comprehensive (loss) income | 0.2 | — | — | 0.2 | (0.2 | ) | 0.2 | |||||||||||||||||
Comprehensive (loss) income | $ | 153.8 | $ | 154.9 | $ | 1 | $ | 26.5 | $ | (182.4 | ) | $ | 153.8 | |||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||
For the Three Months Ended March 28, 2013 | ||||||||||||||||||||||||
Holdings | Spirit | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Net revenues | $ | — | $ | 1,312.10 | $ | 48.5 | $ | 165.7 | $ | (84.1 | ) | $ | 1,442.20 | |||||||||||
Operating costs and expenses | ||||||||||||||||||||||||
Cost of sales | — | 1,125.80 | 45.2 | 150.2 | (84.1 | ) | 1,237.10 | |||||||||||||||||
Selling, general and administrative | 1 | 37.5 | 0.9 | 4.9 | — | 44.3 | ||||||||||||||||||
Impact from severe weather event | — | 8.8 | — | — | — | 8.8 | ||||||||||||||||||
Research and development | — | 7 | — | 0.5 | — | 7.5 | ||||||||||||||||||
Total operating costs and expenses | 1 | 1,179.10 | 46.1 | 155.6 | (84.1 | ) | 1,297.70 | |||||||||||||||||
Operating (loss) income | (1.0 | ) | 133 | 2.4 | 10.1 | — | 144.5 | |||||||||||||||||
Interest expense and financing fee amortization | — | (17.4 | ) | — | (2.6 | ) | 2.4 | (17.6 | ) | |||||||||||||||
Interest income | — | 2.5 | — | — | (2.4 | ) | 0.1 | |||||||||||||||||
Other income (expense), net | — | 0.8 | 0.1 | (10.8 | ) | — | (9.9 | ) | ||||||||||||||||
(Loss) income before income taxes and equity in net (loss) income of affiliates and subsidiaries | (1.0 | ) | 118.9 | 2.5 | (3.3 | ) | — | 117.1 | ||||||||||||||||
Income tax benefit (provision) | — | (35.1 | ) | (1.0 | ) | 0.4 | — | (35.7 | ) | |||||||||||||||
(Loss) income before equity in net (loss) income of affiliates and subsidiaries | (1.0 | ) | 83.8 | 1.5 | (2.9 | ) | — | 81.4 | ||||||||||||||||
Equity in net (loss) income of affiliates | (0.2 | ) | — | — | (0.2 | ) | 0.2 | (0.2 | ) | |||||||||||||||
Equity in net (loss) income of subsidiaries | 82.4 | (1.4 | ) | — | — | (81.0 | ) | — | ||||||||||||||||
Net (loss) income | 81.2 | 82.4 | 1.5 | (3.1 | ) | (80.8 | ) | 81.2 | ||||||||||||||||
Other comprehensive (loss) income | (13.5 | ) | 0.2 | — | (13.7 | ) | 13.5 | (13.5 | ) | |||||||||||||||
Comprehensive (loss) income | $ | 67.7 | $ | 82.6 | $ | 1.5 | $ | (16.8 | ) | $ | (67.3 | ) | $ | 67.7 | ||||||||||
Condensed Balance Sheet | ' | |||||||||||||||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
3-Apr-14 | ||||||||||||||||||||||||
Holdings | Spirit | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 355.8 | $ | — | $ | 26.3 | $ | — | $ | 382.1 | ||||||||||||
Short-term investments | — | 0.3 | — | — | — | 0.3 | ||||||||||||||||||
Restricted cash | — | 72.8 | — | — | — | 72.8 | ||||||||||||||||||
Accounts receivable, net | — | 860.4 | 25.1 | 227.9 | (366.9 | ) | 746.5 | |||||||||||||||||
Inventory, net | — | 1,321.40 | 229.8 | 317.7 | — | 1,868.90 | ||||||||||||||||||
Deferred tax asset - current | — | 23.2 | — | 1 | — | 24.2 | ||||||||||||||||||
Other current assets | — | 20.4 | — | 2.2 | — | 22.6 | ||||||||||||||||||
Total current assets | — | 2,654.30 | 254.9 | 575.1 | (366.9 | ) | 3,117.40 | |||||||||||||||||
Property, plant and equipment, net | — | 1,306.80 | 306.5 | 187.5 | — | 1,800.80 | ||||||||||||||||||
Pension assets | — | 240 | — | 22.3 | — | 262.3 | ||||||||||||||||||
Investment in subsidiary | 1,029.70 | 281.4 | — | — | (1,311.1 | ) | — | |||||||||||||||||
Equity in net assets of subsidiaries | 608.4 | 148.1 | — | — | (756.5 | ) | — | |||||||||||||||||
Other assets | — | 431.4 | 80 | 22.6 | (412.5 | ) | 121.5 | |||||||||||||||||
Total assets | $ | 1,638.10 | $ | 5,062.00 | $ | 641.4 | $ | 807.5 | $ | (2,847.0 | ) | $ | 5,302.00 | |||||||||||
Current liabilities | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 681.5 | $ | 256.7 | $ | 186.8 | $ | (366.9 | ) | $ | 758.1 | |||||||||||
Accrued expenses | — | 226.4 | 0.8 | 26.4 | — | 253.6 | ||||||||||||||||||
Profit sharing | — | 15.4 | — | 1.3 | — | 16.7 | ||||||||||||||||||
Current portion of long-term debt | — | 77.7 | — | 3.9 | — | 81.6 | ||||||||||||||||||
Advance payments, short-term | — | 54.8 | — | — | — | 54.8 | ||||||||||||||||||
Deferred revenue, short-term | — | 22.7 | — | 2.3 | — | 25 | ||||||||||||||||||
Deferred grant income liability - current | — | — | 7.7 | 1.2 | — | 8.9 | ||||||||||||||||||
Other current liabilities | — | 123.9 | — | 5.1 | — | 129 | ||||||||||||||||||
Total current liabilities | — | 1,202.40 | 265.2 | 227 | (366.9 | ) | 1,327.70 | |||||||||||||||||
Long-term debt | — | 1,134.60 | 80 | 270.7 | (332.5 | ) | 1,152.80 | |||||||||||||||||
Advance payments, long-term | — | 777 | — | — | — | 777 | ||||||||||||||||||
Pension/OPEB obligation | — | 71.2 | — | — | — | 71.2 | ||||||||||||||||||
Deferred grant income liability - non-current | — | — | 73.6 | 32.3 | — | 105.9 | ||||||||||||||||||
Deferred revenue and other deferred credits | — | 22.2 | — | 7.8 | — | 30 | ||||||||||||||||||
Other liabilities | — | 255.1 | — | 24.2 | (80.0 | ) | 199.3 | |||||||||||||||||
Total equity | 1,638.10 | 1,599.50 | 222.6 | 245.5 | (2,067.6 | ) | 1,638.10 | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,638.10 | $ | 5,062.00 | $ | 641.4 | $ | 807.5 | $ | (2,847.0 | ) | $ | 5,302.00 | |||||||||||
Condensed Consolidating Balance Sheet | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Holdings | Spirit | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Current assets | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 359.2 | $ | — | $ | 61.5 | $ | — | $ | 420.7 | ||||||||||||
Accounts receivable, net | — | 643.3 | 15.3 | 214.5 | (322.3 | ) | 550.8 | |||||||||||||||||
Inventory, net | — | 1,340.20 | 208.7 | 293.7 | — | 1,842.60 | ||||||||||||||||||
Deferred tax asset-current | — | 25.2 | — | 1.7 | — | 26.9 | ||||||||||||||||||
Other current assets | — | 100.7 | — | 2.5 | — | 103.2 | ||||||||||||||||||
Total current assets | — | 2,468.60 | 224 | 573.9 | (322.3 | ) | 2,944.20 | |||||||||||||||||
Property, plant and equipment, net | — | 1,308.00 | 305.3 | 190 | — | 1,803.30 | ||||||||||||||||||
Pension assets | — | 231.1 | — | 21.5 | — | 252.6 | ||||||||||||||||||
Investment in subsidiary | 1,026.30 | 281.5 | — | — | (1,307.8 | ) | — | |||||||||||||||||
Equity in net assets of subsidiaries | 454.7 | 119.4 | — | — | (574.1 | ) | — | |||||||||||||||||
Other assets | — | 422.4 | 80 | 24.2 | (419.5 | ) | 107.1 | |||||||||||||||||
Total assets | $ | 1,481.00 | $ | 4,831.00 | $ | 609.3 | $ | 809.6 | $ | (2,623.7 | ) | $ | 5,107.20 | |||||||||||
Current liabilities | ||||||||||||||||||||||||
Accounts payable | $ | — | $ | 666.5 | $ | 224.2 | $ | 185.2 | $ | (322.2 | ) | $ | 753.7 | |||||||||||
Accrued expenses | — | 189.9 | 0.5 | 30.2 | — | 220.6 | ||||||||||||||||||
Profit sharing | — | 35.7 | — | 2.7 | — | 38.4 | ||||||||||||||||||
Current portion of long-term debt | — | 12.9 | — | 3.9 | — | 16.8 | ||||||||||||||||||
Advance payments, short-term | — | 133.5 | — | — | — | 133.5 | ||||||||||||||||||
Deferred revenue, short-term | — | 15.7 | — | 4.1 | — | 19.8 | ||||||||||||||||||
Deferred grant income liability - current | — | — | 7.3 | 1.3 | — | 8.6 | ||||||||||||||||||
Other current liabilities | — | 137.1 | — | 7.1 | — | 144.2 | ||||||||||||||||||
Total current liabilities | — | 1,191.30 | 232 | 234.5 | (322.2 | ) | 1,335.60 | |||||||||||||||||
Long-term debt | — | 1,131.40 | 80 | 278.6 | (339.5 | ) | 1,150.50 | |||||||||||||||||
Advance payments, long-term | — | 728.9 | — | — | — | 728.9 | ||||||||||||||||||
Pension/OPEB obligation | — | 69.8 | — | — | — | 69.8 | ||||||||||||||||||
Deferred grant income liability - non-current | — | — | 75.6 | 32.6 | — | 108.2 | ||||||||||||||||||
Deferred revenue and other deferred credits | — | 22.7 | — | 8.2 | — | 30.9 | ||||||||||||||||||
Other liabilities | — | 245.6 | — | 36.7 | (80.0 | ) | 202.3 | |||||||||||||||||
Total equity | 1,481.00 | 1,441.30 | 221.7 | 219 | (1,882.0 | ) | 1,481.00 | |||||||||||||||||
Total liabilities and shareholders’ equity | $ | 1,481.00 | $ | 4,831.00 | $ | 609.3 | $ | 809.6 | $ | (2,623.7 | ) | $ | 5,107.20 | |||||||||||
Condensed Cash Flow Statement | ' | |||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Three Months Ended April 3, 2014 | ||||||||||||||||||||||||
Holdings | Spirit | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Operating activities | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 153.6 | $ | 59.6 | $ | 9.2 | $ | (23.8 | ) | $ | (153.6 | ) | $ | 45 | ||||||||||
Investing activities | ||||||||||||||||||||||||
Purchase of property, plant and equipment | — | (42.8 | ) | (9.2 | ) | (1.0 | ) | — | (53.0 | ) | ||||||||||||||
Proceeds from sale of assets | — | 0.1 | — | — | — | 0.1 | ||||||||||||||||||
Equity in net assets of subsidiaries | (153.6 | ) | — | — | — | 153.6 | — | |||||||||||||||||
Net cash provided by (used in) investing activities | (153.6 | ) | (42.7 | ) | (9.2 | ) | (1.0 | ) | 153.6 | (52.9 | ) | |||||||||||||
Financing activities | ||||||||||||||||||||||||
Proceeds from issuance of bonds | — | 300 | — | — | — | 300 | ||||||||||||||||||
Principal payments of debt | — | (8.6 | ) | — | (0.9 | ) | — | (9.5 | ) | |||||||||||||||
Collection on (repayment of) intercompany debt | — | 7 | — | (7.0 | ) | — | — | |||||||||||||||||
Payments on bonds | — | (227.2 | ) | — | — | — | (227.2 | ) | ||||||||||||||||
Excess tax benefits from share-based payment arrangements | — | 0.5 | — | — | — | 0.5 | ||||||||||||||||||
Debt issuance and financing costs | — | (19.2 | ) | — | — | — | (19.2 | ) | ||||||||||||||||
Change in restricted cash | — | (72.8 | ) | — | — | — | (72.8 | ) | ||||||||||||||||
Net cash (used in) financing activities | — | (20.3 | ) | — | (7.9 | ) | — | (28.2 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (2.5 | ) | — | (2.5 | ) | ||||||||||||||||
Net (decrease) in cash and cash equivalents for the period | — | (3.4 | ) | — | (35.2 | ) | — | (38.6 | ) | |||||||||||||||
Cash and cash equivalents, beginning of period | — | 359.2 | — | 61.5 | — | 420.7 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 355.8 | $ | — | $ | 26.3 | $ | — | $ | 382.1 | ||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||
For the Three Months Ended March 28, 2013 | ||||||||||||||||||||||||
Holdings | Spirit | Guarantor | Non-Guarantor | Consolidating | Total | |||||||||||||||||||
Subsidiaries | Subsidiaries | Adjustments | ||||||||||||||||||||||
Operating activities | ||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | 81.2 | $ | (42.1 | ) | $ | 2.5 | $ | (5.8 | ) | $ | (81.2 | ) | $ | (45.4 | ) | ||||||||
Investing activities | ||||||||||||||||||||||||
Purchase of property, plant and equipment | — | (68.0 | ) | (2.5 | ) | (3.9 | ) | — | (74.4 | ) | ||||||||||||||
Purchase of property, plant and equipment - severe weather event | — | (5.8 | ) | — | — | — | (5.8 | ) | ||||||||||||||||
Proceeds from the sale of assets | — | 0.1 | — | — | — | 0.1 | ||||||||||||||||||
Consolidation of variable interest entity | — | — | — | 2.1 | — | 2.1 | ||||||||||||||||||
Equity in net assets of subsidiaries | (81.2 | ) | — | — | — | 81.2 | — | |||||||||||||||||
Other | — | 3.4 | — | (3.4 | ) | — | — | |||||||||||||||||
Net cash provided by (used in) investing activities | (81.2 | ) | (70.3 | ) | (2.5 | ) | (5.2 | ) | 81.2 | (78.0 | ) | |||||||||||||
Financing activities | ||||||||||||||||||||||||
Principal payments of debt | — | (1.7 | ) | — | (0.9 | ) | — | (2.6 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | — | (1.7 | ) | — | (0.9 | ) | — | (2.6 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (1.6 | ) | — | (1.6 | ) | ||||||||||||||||
Net (decrease) in cash and cash equivalents for the period | — | (114.1 | ) | — | (13.5 | ) | — | (127.6 | ) | |||||||||||||||
Cash and cash equivalents, beginning of period | — | 369.1 | — | 71.6 | — | 440.7 | ||||||||||||||||||
Cash and cash equivalents, end of period | $ | — | $ | 255 | $ | — | $ | 58.1 | $ | — | $ | 313.1 | ||||||||||||
Organization_and_Basis_of_Inte1
Organization and Basis of Interim Presentation (Details) | 3 Months Ended |
Apr. 03, 2014 | |
ship_set | |
days | |
Variable Interest Entity [Line Items] | ' |
Additional Days In Period End | 4 |
KIESC Ownership Percentage | 77.80% |
Boeing Advance Payment ShipSet | 1,001 |
TSACCL [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Ownership interest in VIE's | 31.50% |
Changes_in_Estimates_Details
Changes in Estimates (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2014 | Mar. 28, 2013 | Sep. 27, 2012 |
Change In Estimate [Line Items] | ' | ' | ' |
Current Period Forward Loss Recorded | ' | ' | $590 |
Cumulative Catch Up Adjustment | 16.6 | 20.3 | ' |
Fuselage Systems [Member] | ' | ' | ' |
Change In Estimate [Line Items] | ' | ' | ' |
Cumulative Catch Up Adjustment | 9 | 0 | ' |
Fuselage Systems [Member] | Bell V280 [Member] | ' | ' | ' |
Change In Estimate [Line Items] | ' | ' | ' |
Current Period Forward Loss Recorded | 0.9 | ' | ' |
Wing Systems [Member] | ' | ' | ' |
Change In Estimate [Line Items] | ' | ' | ' |
Cumulative Catch Up Adjustment | 2.8 | 0.4 | ' |
Wing Systems [Member] | G280 [Member] | ' | ' | ' |
Change In Estimate [Line Items] | ' | ' | ' |
Current Period Forward Loss Recorded | 0.3 | ' | ' |
Wing Systems [Member] | Inventory Type B787 [Member] | ' | ' | ' |
Change In Estimate [Line Items] | ' | ' | ' |
Current Period Forward Loss Recorded | ' | $15.30 | ' |
Impact_from_Severe_Weather_Eve
Impact from Severe Weather Event (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2014 | Mar. 28, 2013 |
Impact From Severe Weather Event [Abstract] | ' | ' |
Impact from severe weather event | $0 | $8.80 |
Accounts_Receivable_net_Detail
Accounts Receivable, net (Details) (USD $) | Apr. 03, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Accounts Receivable, Net, Current [Abstract] | ' | ' |
Trade receivables | $737.90 | $544.20 |
Other | 8.9 | 6.8 |
Less: allowance for doubtful accounts | -0.3 | -0.2 |
Accounts receivable, net | 746.5 | 550.8 |
Unbilled Contracts Receivable | 35.3 | 33.5 |
Accounts receivable held in retainage by customer | 135.1 | 135.1 |
Customer Withheld Payments, Pending Completion of Retrofit Work | $21.80 | $24.60 |
Inventory_Details
Inventory (Details) (USD $) | Apr. 03, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Summary Of Inventories [Abstract] | ' | ' |
Raw materials | $262.10 | $240.20 |
Work-in-process | 1,009 | 1,057.80 |
Finished goods | 46.8 | 43.7 |
Product inventory | 1,317.90 | 1,341.70 |
Capitalized pre-production | 463.2 | 486.2 |
Deferred Production Costs | 1,757.20 | 1,661.20 |
Forward loss provision | -1,669.40 | -1,646.50 |
Total inventory, net | $1,868.90 | $1,842.60 |
Inventory_Details_1
Inventory (Details 1) (USD $) | Apr. 03, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 27, 2013 | Apr. 03, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 03, 2014 | Apr. 03, 2014 | Dec. 31, 2013 | Apr. 03, 2014 | Dec. 31, 2013 | Apr. 03, 2014 | Dec. 31, 2013 | Sep. 27, 2012 | Dec. 31, 2013 | Apr. 03, 2014 | Apr. 03, 2014 | Dec. 31, 2013 | Apr. 03, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 03, 2014 | Apr. 03, 2014 | Dec. 31, 2013 | Apr. 03, 2014 | Dec. 31, 2013 | Apr. 03, 2014 | Dec. 31, 2013 | Apr. 03, 2014 | Dec. 31, 2013 | Apr. 03, 2014 |
In Millions, unless otherwise specified | B767 [Member] | B767 propulsion [Member] | B767 propulsion [Member] | B767 propulsion [Member] | B747 fuselage [Member] | B747 fuselage [Member] | B787 [Member] | B787 [Member] | Airbus Three Hundred Fifty XWB [Member] | Airbus Three Hundred Fifty XWB [Member] | Airbus - All other platforms [Member] | Airbus - All other platforms [Member] | Rolls-Royce | Rolls-Royce | Rolls-Royce | Aftermarket [Member] | Aftermarket [Member] | Other platforms [Member] | Other platforms [Member] | G280 [Member] | G280 [Member] | G650 [Member] | G650 [Member] | Sikorsky [Member] | Sikorsky [Member] | Boeing - All other platforms [Member] | Boeing - All other platforms [Member] | Bombardier C Series [Member] | Bombardier C Series [Member] | Airbus 350 XWB [Member] | ||
Inventory By Platform [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory | $1,241 | $1,266.70 | ' | ' | ' | ' | $96.40 | $92.10 | $246.90 | $263.90 | $189.60 | $166.70 | $81.20 | $83.20 | ' | $15.80 | $19.70 | $43.40 | $37 | $43.50 | $67.10 | $46.90 | $46.60 | $64.20 | $59.20 | $0.50 | ' | $406.10 | $421.40 | $7.20 | $9.10 | ' |
Non Recurring Production Costs Included In Inventory [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonrecurring production cost included in inventory | 76.9 | 75 | ' | ' | ' | ' | 0.1 | 0.1 | 14.4 | 14.7 | 53 | 42.5 | ' | ' | ' | ' | ' | ' | ' | 1.1 | 0.8 | ' | ' | ' | ' | 7.2 | 5.4 | 1.1 | 11.5 | ' | ' | ' |
Capitalized Preproduction Costs Included In Inventory [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized pre-production | 463.2 | 486.2 | ' | ' | ' | ' | 4.4 | 3.4 | 143.5 | 158.2 | 76 | 76.5 | ' | ' | ' | 42.5 | 41.7 | ' | ' | ' | ' | 4.9 | 4.7 | 186.9 | 192.7 | ' | ' | 7 | 7 | ' | ' | ' |
Deferred Production Costs | 1,757.20 | 1,661.20 | ' | ' | ' | ' | 1 | -1.6 | 580.6 | 597.3 | 445 | 388.8 | 17.4 | 18.8 | ' | 69.3 | 72.3 | ' | ' | ' | ' | 233.7 | 257 | 402.7 | 373.3 | ' | ' | -17.8 | -21.7 | 1.6 | 0.7 | ' |
Forward loss provision | -1,669.40 | -1,646.50 | ' | ' | ' | ' | -37.2 | -32.3 | -605.1 | -606 | -120.9 | -120.8 | ' | ' | ' | -127.6 | -133.7 | ' | ' | ' | ' | -285.5 | -308.3 | -450.8 | -450.8 | ' | ' | -18.3 | -18.6 | ' | ' | ' |
Total inventory, net | 1,868.90 | 1,842.60 | ' | ' | ' | ' | 64.7 | 61.7 | 380.3 | 428.1 | 642.7 | 553.7 | 98.6 | 102 | ' | ' | ' | 43.4 | 37 | 44.6 | 67.9 | 0 | ' | 203 | 174.4 | 7.7 | 5.4 | 378.1 | 399.6 | 8.8 | 9.8 | ' |
Inception To Date Provision For Loss On Contracts | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 177.6 | ' | ' | 29 | ' | ' | ' | ' | ' | 3 |
Net Forward Loss Charge Recorded | ' | ' | 11.6 | 7.5 | ' | ' | 41.1 | ' | ' | ' | ' | ' | ' | ' | 151 | 21.7 | ' | ' | ' | ' | ' | 240.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contract Liability | ' | ' | ' | ' | 6.1 | 5.8 | 3.9 | 8.8 | ' | ' | ' | ' | ' | ' | ' | 36.7 | 30.6 | ' | ' | ' | ' | 74.2 | 51.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction In Previously Reported Forward-Loss | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $8.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory_Details_2
Inventory (Details 2) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Apr. 03, 2014 |
Capitalized Pre Production Inventory [Abstract] | ' |
Total capitalized pre-production, Beginning Balance | $486.20 |
Charges To Costs And Expenses Pre Production Inventory | -23.2 |
Capitalized Costs Pre Production Inventory | 0.2 |
Total capitalized pre-production, Ending Balance | $463.20 |
Inventory_Details_3
Inventory (Details 3) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Apr. 03, 2014 |
Deferred Production Inventory [Abstract] | ' |
Deferred Production Costs | $1,661.20 |
Charges To Costs And Expenses Deferred Production Inventory | -89.9 |
Capitalized Costs Deferred Production Inventory | 185.5 |
Exchange Rate Deferred Production Inventory | 0.4 |
Deferred Production Costs | $1,757.20 |
Inventory_Details_4
Inventory (Details 4) | 3 Months Ended |
Apr. 03, 2014 | |
B787 [Member] | ' |
Block And Order Detail [Abstract] | ' |
Contract Block Quantity | 500 |
Orders | 899 |
Contract Block Deliveries | 195 |
Airbus Three Hundred Fifty XWB [Member] | ' |
Block And Order Detail [Abstract] | ' |
Contract Block Quantity | 400 |
Orders | 812 |
Contract Block Deliveries | 13 |
G280 [Member] | ' |
Block And Order Detail [Abstract] | ' |
Contract Block Quantity | 250 |
Orders | 98 |
G650 [Member] | ' |
Block And Order Detail [Abstract] | ' |
Contract Block Quantity | 350 |
Orders | 159 |
Rolls-Royce | ' |
Block And Order Detail [Abstract] | ' |
Contract Block Quantity | 350 |
Orders | 136 |
Other Inventory [Member] | ' |
Block And Order Detail [Abstract] | ' |
Contract Block Deliveries | 251 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Details) (USD $) | Apr. 03, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Property, plant and equipment, net | ' | ' |
Land | $17.90 | $17.90 |
Buildings (including improvements) | 568.5 | 566 |
Machinery and equipment | 1,113.30 | 1,084 |
Tooling | 807.2 | 801.6 |
Capitalized software | 199.2 | 172.2 |
Construction-in-progress | 105.1 | 130.2 |
Total | 2,811.20 | 2,771.90 |
Less: accumulated depreciation | -1,010.40 | -968.6 |
Property, plant and equipment, net | $1,800.80 | $1,803.30 |
Property_Plant_and_Equipment_D1
Property, Plant and Equipment (Details Textual) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2014 | Mar. 28, 2013 |
Property Plant And Equipment Textuals [Abstract] | ' | ' |
Capitalized interest related to construction-in-progress | $1 | $1 |
Repair and maintenance costs | 23.9 | 22.2 |
Depreciation expense related to capitalized software | $4 | $5 |
Other_Assets_Details
Other Assets (Details) (USD $) | Apr. 03, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Intangible assets | ' | ' |
Total intangible assets | $36.90 | $36.90 |
Intangible assets, net | 3.7 | 4.7 |
Deferred financing costs | 99.7 | 80.5 |
Less: Accumulated amortization-deferred financing costs | -72 | -56.3 |
Deferred financing costs, net | 27.7 | 24.2 |
Goodwill - Europe | 3 | 3 |
Equity in net assets of affiliates | 1.6 | 1.4 |
Customer Supply Agreement | 37 | 37.6 |
Other | 48.5 | 36.2 |
Total | 121.5 | 107.1 |
Patents [Member] | ' | ' |
Intangible assets | ' | ' |
Total intangible assets | 1.9 | 1.9 |
Less: Accumulated amortization | -1.3 | -1.3 |
Favorable Leasehold Interests [Member] | ' | ' |
Intangible assets | ' | ' |
Total intangible assets | 6.3 | 6.3 |
Less: Accumulated amortization | -3.2 | -3.1 |
Customer relationships [Member] | ' | ' |
Intangible assets | ' | ' |
Total intangible assets | 28.7 | 28.7 |
Less: Accumulated amortization | ($28.70) | ($27.80) |
Other_Assets_Details_Textuals
Other Assets (Details Textuals) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2014 | Mar. 28, 2013 |
Other Assets, Noncurrent [Abstract] | ' | ' |
Amortization expense of intangibles | $1 | $1.10 |
Milestone_Revenue_Recognition_
Milestone Revenue Recognition (details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2014 | Mar. 28, 2013 |
Revenue Recognition [Abstract] | ' | ' |
Revenue Recognition, Milestone Method, Description | 'Milestone payments.B B Milestone payments are recognized as revenue when milestones are deemed to be substantive and are achieved.B A substantive milestone is one that is based on successful performance by the Company and not solely contingent upon the passage of time or performance by another party.B Milestone payments collected in advance that have significant future performance obligations are presented as advance payments or deferred revenue, and are recognized when the milestone is achieved. | ' |
Revenue Recognition, Milestone Method, Revenue Recognized | $0.90 | $4.60 |
Advance_Payments_and_Deferred_2
Advance Payments and Deferred Revenue/Credits (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2014 | Dec. 31, 2013 |
ship_set | ||
Advance Payments And Deferred Revenue Credits [Abstract] | ' | ' |
Boeing Advance Payment ShipSet | 1,001 | ' |
Advance payments and deferred revenue/credits summarized | ' | ' |
Advance Payments And Deferred Revenue Credits | $886.80 | $913.10 |
B737 [Member] | ' | ' |
Advance payments and deferred revenue/credits summarized | ' | ' |
Advance Payments And Deferred Revenue Credits | 18.1 | 18.7 |
B787 [Member] | ' | ' |
Advance payments and deferred revenue/credits summarized | ' | ' |
Advance Payments And Deferred Revenue Credits | 578.8 | 600.2 |
Airbus Three Hundred Fifty XWB [Member] | ' | ' |
Advance payments and deferred revenue/credits summarized | ' | ' |
Advance Payments And Deferred Revenue Credits | 241.3 | 243.9 |
Airbus - All other platforms [Member] | ' | ' |
Advance payments and deferred revenue/credits summarized | ' | ' |
Advance Payments And Deferred Revenue Credits | 5.8 | 7.3 |
Gulfstream [Member] | ' | ' |
Advance payments and deferred revenue/credits summarized | ' | ' |
Advance Payments And Deferred Revenue Credits | 25.2 | 22 |
Other Inventory [Member] | ' | ' |
Advance payments and deferred revenue/credits summarized | ' | ' |
Advance Payments And Deferred Revenue Credits | $17.60 | $21 |
Government_Grants_Details
Government Grants (Details) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Apr. 03, 2014 |
Deferred Grant Income Liability Net [Abstract] | ' |
Deferred Grant Income Liability | $116.80 |
Grant Liability Recorded | -0.3 |
Grant Income Recognized | -1.7 |
Deferred Grant Income Liability | $114.80 |
Government_Grants_Details_1
Government Grants (Details 1) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Apr. 03, 2014 |
Asset Related To Deferred Grant Income Net [Abstract] | ' |
Asset Related To Deferred Grant Income Beginning Balance | $120.30 |
Amortization | -1.3 |
Exchange rate | 0.1 |
Asset Related To Deferred Grant Income Ending Balance | $119.10 |
Government_Grants_Details_Text
Government Grants (Details Textuals) | 3 Months Ended |
Apr. 03, 2014 | |
Government Grants Textuals [Abstract] | ' |
Deferred Grant Income Amortization Period | '10 years |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Apr. 03, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair Value Measurements | ' | ' |
Short-term investments | $0.30 | $0 |
Carrying amount and estimated fair value of long term debt | ' | ' |
Carrying Amount | 1,219.10 | 1,144.60 |
Fair Value | 1,245.30 | 1,182.80 |
Senior secured term loan (including current portion) [Member] | ' | ' |
Carrying amount and estimated fair value of long term debt | ' | ' |
Carrying Amount | 538.5 | 538.2 |
Fair Value | 537.5 | 541.9 |
Senior Unsecured Notes Due 2017 [Member] | ' | ' |
Carrying amount and estimated fair value of long term debt | ' | ' |
Carrying Amount | 72 | 296.4 |
Fair Value | 74.5 | 309 |
Senior Unsecured Notes Due 2020 [Member] | ' | ' |
Carrying amount and estimated fair value of long term debt | ' | ' |
Carrying Amount | 300 | 300 |
Fair Value | 323.3 | 323.4 |
Senior unsecured notes due 2022 [Member] | ' | ' |
Carrying amount and estimated fair value of long term debt | ' | ' |
Carrying Amount | 299.4 | ' |
Fair Value | 302.2 | ' |
Malaysian loan [Member] | ' | ' |
Carrying amount and estimated fair value of long term debt | ' | ' |
Carrying Amount | 9.2 | 10 |
Fair Value | 7.8 | 8.5 |
Total Carrying Amount in Balance Sheet [Member] | Interest Rate Swaps [Member] | ' | ' |
Fair Value Measurements | ' | ' |
Fair value liabilities measured on recurring basis | -0.8 | -1.4 |
Total Carrying Amount in Balance Sheet [Member] | Money Market Fund [Member] | ' | ' |
Fair Value Measurements | ' | ' |
Money Market Fund | 323.3 | 293.3 |
Total Carrying Amount in Balance Sheet [Member] | Marketable Securities [Member] | ' | ' |
Fair Value Measurements | ' | ' |
Short-term investments | 0.3 | ' |
Assets Measured At Fair Value [Member] | Money Market Fund [Member] | ' | ' |
Fair Value Measurements | ' | ' |
Money Market Fund | 323.3 | 293.3 |
Assets Measured At Fair Value [Member] | Marketable Securities [Member] | ' | ' |
Fair Value Measurements | ' | ' |
Short-term investments | 0.3 | ' |
Liabilities Measured At Fair Value [Member] | Interest Rate Swaps [Member] | ' | ' |
Fair Value Measurements | ' | ' |
Fair value liabilities measured on recurring basis | -0.8 | -1.4 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Money Market Fund [Member] | ' | ' |
Fair Value Measurements | ' | ' |
Money Market Fund | 323.3 | 293.3 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Marketable Securities [Member] | ' | ' |
Fair Value Measurements | ' | ' |
Short-term investments | 0.3 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Swaps [Member] | ' | ' |
Fair Value Measurements | ' | ' |
Fair value liabilities measured on recurring basis | ($0.80) | ($1.40) |
Derivative_and_Hedging_Activit2
Derivative and Hedging Activities (Details) (Interest Swap Agreement [Member], USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Apr. 03, 2014 |
Interest Swap Agreement [Member] | ' |
Interest Rate Swaps | ' |
Notional Amount | $225 |
Derivative Maturity Period | 'JulyB 2014 |
Variable Rate | '1 Month LIBOR |
Fixed Rate | 1.37% |
Fair Value | ($0.80) |
Derivative_and_Hedging_Activit3
Derivative and Hedging Activities (Details 1) (USD $) | Apr. 03, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Fair value of outstanding derivatives | ' | ' |
Derivative Fair Value Of Derivative Liability | $0.80 | $1.40 |
Designated as Hedging Instrument [Member] | ' | ' |
Fair value of outstanding derivatives | ' | ' |
Derivative Fair Value Of Derivative Liability | 0.8 | 1.4 |
Interest Rate Contract [Member] | Other Liability Derivatives Current [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Fair value of outstanding derivatives | ' | ' |
Derivative Fair Value Of Derivative Liability | $0.80 | $1.40 |
Derivative_and_Hedging_Activit4
Derivative and Hedging Activities (Details Textual) (USD $) | 3 Months Ended | 3 Months Ended | ||
In Millions, unless otherwise specified | Apr. 03, 2014 | Dec. 31, 2013 | Apr. 03, 2014 | Mar. 28, 2013 |
Interest Rate Contract [Member] | Interest Rate Contract [Member] | |||
Derivatives Fair Value [Line Items] | ' | ' | ' | ' |
LIBOR floor | 0.75% | ' | ' | ' |
Total derivatives liabilities, Fair value | $0.80 | $1.40 | ' | ' |
Derivative, Loss on Derivative | ' | ' | ($0.10) | ($1.10) |
Investments_Details
Investments (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Apr. 03, 2014 | Dec. 31, 2013 |
Investment [Abstract] | ' | ' |
Marketable Securities, Current | $0.30 | ' |
Marketable Securities, Fair Value, Current | 0.3 | ' |
Amortized Cost And Approximate Fair Value Of Held To Maturity Securities [Abstract] | ' | ' |
Government and Corporate Debt Securities, Amortized cost, Current | 0.6 | 0.5 |
Government and Corporate Debt Securities, Amortized cost, Noncurrent | 2.9 | 3.1 |
Government and Corporate Debt Securities, Unrealized gains, Noncurrent | 0.1 | 0.1 |
Government and Corporate Debt Securities, Unrealized losses, Noncurrent | -0.1 | -0.1 |
Government and Corporate Debt Securities, Fair value, Current | 0.6 | 0.5 |
Fair Value, Noncurrent | 2.9 | 3.1 |
Maturities of held-to-maturity securities | ' | ' |
Amortized Cost, Within One Year | 0.6 | ' |
Amortized Cost, One to Five Years | 1 | ' |
Amortized Cost, Five to Ten Years | 0 | ' |
Amortized Cost, After Ten Years | 1.9 | ' |
Amortized Cost, Total | 3.5 | ' |
Approximate Fair Value, Within One Year | 0.6 | ' |
Approximate Fair Value, One to Five Years | 1 | ' |
Approximate Fair Value, Five To Ten Years | 0 | ' |
Approximate Fair Value, After Ten Years | 1.9 | ' |
Approximate Fair Value, Total | 3.5 | ' |
Investments Textuals [Abstract] | ' | ' |
Government And Corporate Debt Securities | 3.5 | ' |
Available-For-Sale Instruments | 0.3 | ' |
Fair Value Of Investments In Debt And Marketable Securities Whose Value Is Less Than Historical Cost | $1.30 | $1.80 |
Percentage Of Investments Having Value Less Than Historical Cost | 38.00% | 51.00% |
Debt_Details
Debt (Details) (USD $) | Apr. 03, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Secured Debt, Current | $5.50 | $5.50 |
Secured Long-term Debt, Noncurrent | 533 | 532.7 |
Long Term Debt And Capital Lease Obligations Current And Non Current [Abstract] | ' | ' |
Loans Payable to Bank, Current | 3 | 3 |
Loans Payable to Bank, Noncurrent | 6.2 | 7 |
Capital Lease Obligations, Current | 1 | 1.1 |
Capital Lease Obligations, Noncurrent | 14 | 14.2 |
Other Long-term Debt, Current | 0.1 | 7.2 |
Other Long-term Debt, Noncurrent | 0.2 | 0.2 |
Long-term Debt and Capital Lease Obligations, Current | 81.6 | 16.8 |
Long-term Debt and Capital Lease Obligations | 1,152.80 | 1,150.50 |
Senior Unsecured Notes Due 2020 [Member] | ' | ' |
Long Term Debt And Capital Lease Obligations Current And Non Current [Abstract] | ' | ' |
Senior Notes, Current | 0 | 0 |
Senior Notes, Noncurrent | 300 | 300 |
Senior Unsecured Notes Due 2017 [Member] | ' | ' |
Long Term Debt And Capital Lease Obligations Current And Non Current [Abstract] | ' | ' |
Senior Notes, Current | 72 | 0 |
Senior Notes, Noncurrent | 0 | 296.4 |
Senior unsecured notes due 2022 [Member] | ' | ' |
Long Term Debt And Capital Lease Obligations Current And Non Current [Abstract] | ' | ' |
Senior Notes, Current | 0 | 0 |
Senior Notes, Noncurrent | $299.40 | $0 |
Debt_Details_Textual
Debt (Details Textual) | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | 0 Months Ended | 3 Months Ended | |||||||||||||||||
Apr. 01, 2014 | Apr. 03, 2014 | Apr. 03, 2014 | Apr. 03, 2014 | Apr. 03, 2014 | Nov. 18, 2010 | Apr. 01, 2014 | Apr. 03, 2014 | Mar. 18, 2014 | Mar. 04, 2014 | Sep. 30, 2009 | Apr. 03, 2014 | Sep. 21, 2012 | Apr. 03, 2014 | Jul. 17, 2009 | Jul. 17, 2009 | Apr. 03, 2014 | Mar. 16, 2014 | Apr. 03, 2014 | Mar. 18, 2014 | Nov. 18, 2010 | Jun. 02, 2008 | Jun. 02, 2008 | Apr. 03, 2014 | Mar. 18, 2014 | Apr. 03, 2014 | |
USD ($) | Term Loan Facility [Member] | Senior Notes [Member] | Senior Unsecured Notes Due 2020 [Member] | Senior Unsecured Notes Due 2020 [Member] | Senior Unsecured Notes Due 2017 [Member] | Senior Unsecured Notes Due 2017 [Member] | Senior Unsecured Notes Due 2017 [Member] | Senior Unsecured Notes Due 2017 [Member] | Senior Unsecured Notes Due 2017 [Member] | Capital Lease Agreement [Member] | Capital Lease Agreement [Member] | Saint Nazaire [Member] | Saint Nazaire [Member] | Saint Nazaire [Member] | Twenty Twelve Senior Secured Credit Facility [Member] | Twenty Twelve Senior Secured Credit Facility [Member] | Senior unsecured notes due 2022 [Member] | Senior unsecured notes due 2022 [Member] | Senior unsecured notes due 2022 [Member] | Malaysian Facility Agreement [Member] | Malaysian Facility Agreement [Member] | Malaysian Facility Agreement [Member] | Amendment Three Term Loan Due 2022 [Member] | Amendment Three Term Loan Due 2022 [Member] | ||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | MYR | USD ($) | USD ($) | USD ($) | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | $300,000,000 | ' | $1,000 | ' | $300,000,000 | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $300,000,000 | ' | ' | ' | $540,400,000 | ' |
Maturity Date Amendment No3 Senior Secured Facility Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Sep-20 |
Secured Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 540,400,000 | ' | ' | ' | ' | ' | ' | ' | 538,500,000 |
Maturity Date 2012 Senior Secured Credit Facility Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18-Apr-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
MarginOnLiborBorrowingTermLoan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' |
Senior Secured Credit Facility Term Libor Floor | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' |
Margin On Base Rate Borrowing Term Loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' |
Outstanding Balance Term Loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 539,000,000 |
Gains (Losses) on Extinguishment of Debt | ' | ' | 4,600,000 | 11,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Third Party Fees | ' | ' | 300,000 | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Debt Extinguishment Costs | ' | ' | 4,900,000 | 12,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Extinguishment Included In Cash Flow Deferred Financing Fees | ' | ' | ' | 10,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 |
Extinguishment Included In Cash Flow Amortization Expense | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | 6.75% | ' | ' | ' | ' | 7.50% | ' | ' | ' | ' | ' | ' | ' | ' | 5.25% | ' | 3.50% | 3.50% | ' | ' | ' |
Maturity Date 2017 Senior Notes | ' | ' | ' | ' | ' | ' | ' | 1-Oct-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity Date 2020 Senior Notes | ' | ' | ' | ' | 15-Dec-20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Senior Notes | ' | ' | ' | ' | 300,000,000 | ' | ' | 72,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 299,400,000 | ' | ' | ' | ' | ' | ' | ' |
Note Consideration Payment | ' | ' | ' | ' | ' | ' | ' | 1,041.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consent Payment on Notes | ' | ' | ' | ' | ' | ' | ' | 30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tender and Consent Fees | ' | ' | ' | ' | ' | ' | ' | 9,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Repurchased Face Amount | ' | ' | ' | ' | ' | ' | ' | ' | 227,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Repurchased Face Amount Including Interest | ' | 244,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity Date 2022 Notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Mar-22 | ' | ' | ' | ' | ' | ' | ' |
Required Holders to Declare Notes Under Default | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding Balance Notes | ' | ' | ' | ' | ' | ' | 72,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Redemption Price, Percentage | 103.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,100,000 | 9,000,000 | ' | ' | ' | ' | ' | 20,000,000 | 69,200,000 | ' | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 3,300,000 | ' | ' | ' |
Loans Payable to Bank | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,200,000 | ' | ' |
Margin Over Euribor On Capital Lease Repayment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.20% | 2.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Lease Obligations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,400,000 | $2,600,000 | $10,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital Lease term - Nashville | ' | '124 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pension_and_Other_Post_Retirem
Pension and Other Post Retirement Benefits (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2014 | Mar. 28, 2013 |
Defined Benefit Plans [Member] | ' | ' |
Pension and Other Post-Retirement Benefits | ' | ' |
Service cost | $0 | $1.90 |
Interest cost | 12.9 | 11.7 |
Expected return on plan assets | -22.3 | -21.3 |
Amortization of net loss | 0 | 3.1 |
Net periodic pension income | -9.4 | -4.6 |
Other Benefits [Member] | ' | ' |
Pension and Other Post-Retirement Benefits | ' | ' |
Service cost | 0.7 | 0.7 |
Interest cost | 0.7 | 0.6 |
Net periodic pension income | 1.4 | 1.3 |
U.K. pension plan [Member] | ' | ' |
Pension And Other Post Retirement Benefits Textuals [Abstract] | ' | ' |
Defined Benefit Plan Estimated Future Employer Contributions Remainder Of Year | 1 | ' |
Expected UK Pension Plan Contribution For The Year | 1.3 | ' |
UK Pension Plan Contributions Made Year To Date | 0.3 | ' |
Supplemental Executive Retirement Plan [Member] | ' | ' |
Pension And Other Post Retirement Benefits Textuals [Abstract] | ' | ' |
Defined Benefit Plan Estimated Future Employer Contributions Remainder Of Year | $2.90 | ' |
Stock_Compensation_Details
Stock Compensation (Details) (USD $) | 3 Months Ended | |
In Millions, except Share data, unless otherwise specified | Apr. 03, 2014 | Mar. 28, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Company recognized total stock compensation expense, net of forfeitures | $3.70 | $3.70 |
Accelerated Vesting Expense | ' | 0.4 |
Class A [Member] | Short Term Incentive Plan [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Number of shares granted | 62,080 | ' |
Grant date value of shares vested | 1 | ' |
Selling General And Administrative Expense [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Company recognized total stock compensation expense, net of forfeitures | $3.70 | $3.70 |
Income_Tax_details
Income Tax (details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Apr. 03, 2014 | Mar. 28, 2013 | Dec. 31, 2013 |
Income Taxes Textuals [Abstract] | ' | ' | ' |
Deferred tax assets net total | ($16) | ' | ($15.80) |
Valuation allowance, change in amount | 31.5 | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Effective tax rate | 4.30% | 30.50% | ' |
Foreign Tax Authority [Member] | ' | ' | ' |
Valuation Allowance [Line Items] | ' | ' | ' |
Income tax holiday aggregate dollar amount | 12.2 | ' | ' |
Deferred tax liabilities, net | $0.70 | ' | ' |
Equity_Details
Equity (Details) (USD $) | 3 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Apr. 03, 2014 | Mar. 28, 2013 | Dec. 31, 2013 |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($54.40) | ' | ($54.60) |
Basic EPS | ' | ' | ' |
Income available to common shareholders | 152.4 | 80.4 | ' |
Income available to common shareholders, shares | 141.6 | 141 | ' |
Income available to common shareholders, per share amount | $1.08 | $0.57 | ' |
Income allocated to participating securities | 1.2 | 0.8 | ' |
Income allocated to participating securities, shares | 1.1 | 1.4 | ' |
Net income | 153.6 | 81.2 | ' |
Diluted potential common shares | 1 | 0.7 | ' |
Diluted EPS | ' | ' | ' |
Net income | 153.6 | 81.2 | ' |
Shares | 143.7 | 143.1 | ' |
Per share amount | $1.07 | $0.57 | ' |
Equity Textuals [Abstract] | ' | ' | ' |
Common shares, outstanding | 144.7 | 143.7 | ' |
Common shares outstanding issued but unvested | 3 | 2.6 | ' |
Noncontrolling interest | 0.5 | 1.8 | 0.5 |
Pension [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -52.8 | ' | -52.7 |
SERP and Retiree medical [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 3.1 | ' | 3.1 |
Foreign currency impact on long term intercompany loan [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | -2.4 | ' | -2.2 |
Currency translation adjustment [Member] | ' | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($2.30) | ' | ($2.80) |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2014 | Mar. 28, 2013 |
Related Party Transaction, Due from (to) Related Party [Abstract] | ' | ' |
Amount paid for services rendered ($0.1 and less than $0.1 respectively) | $0.10 | $0.10 |
Amount paid to supplier ($0.1 and less than $0.1 respectively) | 0.1 | 0.1 |
Amounts owed to supplier and recorded as accrued liabilities | $0.10 | $0.10 |
Commitments_Contingencies_and_2
Commitments, Contingencies and Guarantees (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2014 | Sep. 27, 2012 | Dec. 31, 2013 |
employee | |||
Commitments Contingencies And Guarantees [Abstract] | ' | ' | ' |
Loss Contingency Accrual | $1 | ' | $1 |
Number of plantiffs former Boeing employees | 12 | ' | ' |
Number of plaintiffs current or former Spirit employees | 8 | ' | ' |
Number Of Current And Former Employees In Putative Class Action Lawsuit | 2,500 | ' | ' |
Vesting years, putative | '10 years | ' | ' |
Current Period Forward Loss Recorded | ' | 590 | ' |
Service warranty roll forward | ' | ' | ' |
Product Warranty And Extraordinary Rework | 68.7 | ' | ' |
Charges to costs and expenses | 11.1 | ' | ' |
Product Warranty And Extraordinary Rework | 79.8 | ' | ' |
Commitments Contingencies And Guarantees Textuals [Abstract] | ' | ' | ' |
Outstanding amount of letter of credit | 19.9 | ' | 19.9 |
Outstanding amount of guarantees | $23.90 | ' | $24.80 |
Other_Income_Expense_Net_Detai
Other Income (Expense), Net (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2014 | Mar. 28, 2013 |
Other Nonoperating Income (Expense) [Abstract] | ' | ' |
KDFA bond | $1 | $0.90 |
Rental and miscellaneous income | 0 | 0.1 |
Foreign currency gains (loss) | 0.2 | -10.9 |
Total | $1.20 | ($9.90) |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2014 | Mar. 28, 2013 | Sep. 27, 2012 |
segment | |||
customer | |||
Segment Revenues | ' | ' | ' |
Revenues | $1,728.50 | $1,442.20 | ' |
Segment Operating Income | ' | ' | ' |
Business Segment Operating Income | 272.3 | 216.9 | ' |
Segment Information Unallocated Corporate Selling General And Administrative | -60.5 | -44.3 | ' |
Segment Information Unallocated Impact Of Severe Weather Event | ' | -8.8 | ' |
Segment Information Unallocated Research And Development | -6.3 | -7.5 | ' |
Segment Information Unallocated Cost Of Sales | -11.1 | -11.8 | ' |
Operating income | 194.4 | 144.5 | ' |
Segment Reporting Information, Additional Information [Abstract] | ' | ' | ' |
Forward Loss Recorded For The Period | ' | ' | 590 |
Number Of Principal Segments | 3 | ' | ' |
Percentage Of Net Revenue Derived From Two Largest Customers | 94.00% | ' | ' |
Number Of Largest Customers | 2 | ' | ' |
Early Retirement Incentive | ' | 1.8 | ' |
Cumulative Catch Up Adjustment | 16.6 | 20.3 | ' |
Product Warranty Expense | 11.1 | 10 | ' |
Fuselage Systems [Member] | ' | ' | ' |
Segment Revenues | ' | ' | ' |
Segment Revenues | 858.3 | 717.9 | ' |
Segment Operating Income | ' | ' | ' |
Business Segment Operating Income | 142 | 126.4 | ' |
Segment Reporting Information, Additional Information [Abstract] | ' | ' | ' |
Cumulative Catch Up Adjustment | 9 | 0 | ' |
Selling, General and Administrative Expense Reclassification | ' | 2.3 | ' |
Research and Development Expense Reclassification | ' | 2.7 | ' |
Propulsion Systems [Member] | ' | ' | ' |
Segment Revenues | ' | ' | ' |
Segment Revenues | 450.2 | 375.3 | ' |
Segment Operating Income | ' | ' | ' |
Business Segment Operating Income | 80.2 | 68.4 | ' |
Segment Reporting Information, Additional Information [Abstract] | ' | ' | ' |
Cumulative Catch Up Adjustment | 4.8 | 9.7 | ' |
Selling, General and Administrative Expense Reclassification | ' | 1.2 | ' |
Research and Development Expense Reclassification | ' | 1.9 | ' |
Wing Systems [Member] | ' | ' | ' |
Segment Revenues | ' | ' | ' |
Segment Revenues | 414.2 | 343.3 | ' |
Segment Operating Income | ' | ' | ' |
Business Segment Operating Income | 50 | 20.5 | ' |
Segment Reporting Information, Additional Information [Abstract] | ' | ' | ' |
Cumulative Catch Up Adjustment | 2.8 | 0.4 | ' |
Selling, General and Administrative Expense Reclassification | ' | 1.2 | ' |
Research and Development Expense Reclassification | ' | 1.1 | ' |
Other Systems [Member] | ' | ' | ' |
Segment Revenues | ' | ' | ' |
Segment Revenues | 5.8 | 5.7 | ' |
Segment Operating Income | ' | ' | ' |
Business Segment Operating Income | 0.1 | 1.6 | ' |
G280 [Member] | Wing Systems [Member] | ' | ' | ' |
Segment Reporting Information, Additional Information [Abstract] | ' | ' | ' |
Forward Loss Recorded For The Period | 0.3 | ' | ' |
B787 [Member] | Wing Systems [Member] | ' | ' | ' |
Segment Reporting Information, Additional Information [Abstract] | ' | ' | ' |
Forward Loss Recorded For The Period | ' | 15.3 | ' |
Bell V280 [Member] | Fuselage Systems [Member] | ' | ' | ' |
Segment Reporting Information, Additional Information [Abstract] | ' | ' | ' |
Forward Loss Recorded For The Period | $0.90 | ' | ' |
Condensed_Consolidating_Financ2
Condensed Consolidating Financial Information (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Apr. 03, 2014 | Mar. 28, 2013 | Dec. 31, 2013 |
Condensed Consolidating Statements of Operations [Abstract] | ' | ' | ' |
Net revenues | $1,728.50 | $1,442.20 | ' |
Operating costs and expenses | ' | ' | ' |
Cost of sales | 1,467.30 | 1,237.10 | ' |
Selling, general and administrative | 60.5 | 44.3 | ' |
Impact from severe weather event | 0 | 8.8 | ' |
Research and development | 6.3 | 7.5 | ' |
Total operating costs and expenses | 1,534.10 | 1,297.70 | ' |
Operating income | 194.4 | 144.5 | ' |
Interest expense and financing fee amortization | -35.4 | -17.6 | ' |
Interest income | 0.1 | 0.1 | ' |
Other income (expense), net | 1.2 | -9.9 | ' |
Income (loss) before income taxes and equity in net loss of affiliates and subsidiaries | 160.3 | 117.1 | ' |
Income tax provision | -6.9 | -35.7 | ' |
Income (loss) Before Equity In Net Income (Loss) Of Affiliates and Subsidiaries | 153.4 | 81.4 | ' |
Equity in net income (loss) of affiliates | 0.2 | -0.2 | ' |
Equity in net income of subsidiaries | 0 | ' | ' |
Net income | 153.6 | 81.2 | ' |
Total other comprehensive income (loss) | 0.2 | -13.5 | ' |
Comprehensive Income, Net of Tax, Attributable to Parent | 153.8 | 67.7 | ' |
Current assets | ' | ' | ' |
Cash and cash equivalents | 382.1 | 313.1 | ' |
Short-term investments | 0.3 | ' | 0 |
Restricted Cash and Cash Equivalents | 72.8 | ' | ' |
Accounts receivable, net | 746.5 | ' | 550.8 |
Inventory | 1,868.90 | ' | 1,842.60 |
Deferred tax asset - current | 24.2 | ' | 26.9 |
Other current assets | 22.6 | ' | 103.2 |
Total current assets | 3,117.40 | ' | 2,944.20 |
Property, plant and equipment, net | 1,800.80 | ' | 1,803.30 |
Pension assets | 262.3 | ' | 252.6 |
Investment in subsidiary | ' | ' | ' |
Equity In Net Assets Of Subsidiaries | ' | ' | ' |
Other assets | 121.5 | ' | 107.1 |
Total assets | 5,302 | ' | 5,107.20 |
Current liabilities | ' | ' | ' |
Accounts payable | 758.1 | ' | 753.7 |
Accrued expenses | 253.6 | ' | 220.6 |
Profit sharing | 16.7 | ' | 38.4 |
Current portion of long-term debt | 81.6 | ' | 16.8 |
Advance payments, short-term | 54.8 | ' | 133.5 |
Deferred revenue, short-term | 25 | ' | 19.8 |
Deferred grant income liability - current | 8.9 | ' | 8.6 |
Other current liabilities | 129 | ' | 144.2 |
Total current liabilities | 1,327.70 | ' | 1,335.60 |
Long-term debt | 1,152.80 | ' | 1,150.50 |
Advance payments, long-term | 777 | ' | 728.9 |
Pension/OPEB obligation | 71.2 | ' | 69.8 |
Deferred grant income liability - non-current | 105.9 | ' | 108.2 |
Deferred revenue and other deferred credits | 30 | ' | 30.9 |
Other liabilities | 199.3 | ' | 202.3 |
Total equity | 1,638.10 | ' | 1,481 |
Total liabilities and equity | 5,302 | ' | 5,107.20 |
Operating activities | ' | ' | ' |
Net cash (used in) operating activities | 45 | -45.4 | ' |
Investing activities | ' | ' | ' |
Purchase of property, plant and equipment | -53 | -74.4 | ' |
Purchase of property, plant and equipment - severe weather event (see Note 4) | 0 | -5.8 | ' |
Proceeds from sale of assets | 0.1 | 0.1 | ' |
Consolidation of variable interest entity | 0 | 2.1 | ' |
Equity in net assets of subsidiaries | ' | ' | ' |
Other | ' | ' | ' |
Net cash (used in) investing activities | -52.9 | -78 | ' |
Financing activities | ' | ' | ' |
Proceeds from issuance of bonds | 300 | 0 | ' |
Principal payments of debt | -9.5 | -2.6 | ' |
Collection on (repayment of) intercompany debt | ' | ' | ' |
Payments on bonds | -227.2 | 0 | ' |
Debt issuance and financing costs | -19.2 | 0 | ' |
Excess tax benefit of share-based payment arrangements | 0.5 | 0 | ' |
Increase (Decrease) in Restricted Cash | -72.8 | 0 | ' |
Net cash (used in) financing activities | -28.2 | -2.6 | ' |
Effect of exchange rate changes on cash and cash equivalents | -2.5 | -1.6 | ' |
Net (decrease) in cash and cash equivalents for the period | -38.6 | -127.6 | ' |
Cash and cash equivalents, beginning of period | 420.7 | 440.7 | ' |
Cash and cash equivalents, end of period | 382.1 | 313.1 | ' |
Holdings [Member] | ' | ' | ' |
Condensed Consolidating Statements of Operations [Abstract] | ' | ' | ' |
Net revenues | ' | ' | ' |
Operating costs and expenses | ' | ' | ' |
Cost of sales | ' | ' | ' |
Selling, general and administrative | 1.5 | 1 | ' |
Impact from severe weather event | ' | 0 | ' |
Research and development | ' | ' | ' |
Total operating costs and expenses | 1.5 | 1 | ' |
Operating income | -1.5 | -1 | ' |
Interest expense and financing fee amortization | ' | ' | ' |
Interest income | ' | ' | ' |
Other income (expense), net | ' | ' | ' |
Income (loss) before income taxes and equity in net loss of affiliates and subsidiaries | -1.5 | -1 | ' |
Income tax provision | -0.1 | ' | ' |
Income (loss) Before Equity In Net Income (Loss) Of Affiliates and Subsidiaries | -1.6 | -1 | ' |
Equity in net income (loss) of affiliates | 0.2 | -0.2 | ' |
Equity in net income of subsidiaries | 155 | 82.4 | ' |
Net income | 153.6 | 81.2 | ' |
Total other comprehensive income (loss) | 0.2 | -13.5 | ' |
Comprehensive Income, Net of Tax, Attributable to Parent | 153.8 | 67.7 | ' |
Current assets | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' |
Short-term investments | 0 | ' | ' |
Restricted Cash and Cash Equivalents | 0 | ' | ' |
Accounts receivable, net | ' | ' | ' |
Inventory | ' | ' | ' |
Deferred tax asset - current | ' | ' | ' |
Other current assets | ' | ' | ' |
Total current assets | ' | ' | ' |
Property, plant and equipment, net | ' | ' | ' |
Pension assets | ' | ' | ' |
Investment in subsidiary | 1,029.70 | ' | 1,026.30 |
Equity In Net Assets Of Subsidiaries | 608.4 | ' | 454.7 |
Other assets | ' | ' | ' |
Total assets | 1,638.10 | ' | 1,481 |
Current liabilities | ' | ' | ' |
Accounts payable | ' | ' | ' |
Accrued expenses | ' | ' | ' |
Profit sharing | ' | ' | ' |
Current portion of long-term debt | ' | ' | ' |
Advance payments, short-term | ' | ' | ' |
Deferred revenue, short-term | ' | ' | ' |
Deferred grant income liability - current | ' | ' | ' |
Other current liabilities | ' | ' | ' |
Total current liabilities | ' | ' | ' |
Long-term debt | ' | ' | ' |
Advance payments, long-term | ' | ' | ' |
Pension/OPEB obligation | ' | ' | ' |
Deferred grant income liability - non-current | ' | ' | ' |
Deferred revenue and other deferred credits | ' | ' | ' |
Other liabilities | ' | ' | ' |
Total equity | 1,638.10 | ' | 1,481 |
Total liabilities and equity | 1,638.10 | ' | 1,481 |
Operating activities | ' | ' | ' |
Net cash (used in) operating activities | 153.6 | 81.2 | ' |
Investing activities | ' | ' | ' |
Purchase of property, plant and equipment | ' | ' | ' |
Purchase of property, plant and equipment - severe weather event (see Note 4) | ' | 0 | ' |
Proceeds from sale of assets | ' | ' | ' |
Consolidation of variable interest entity | ' | 0 | ' |
Equity in net assets of subsidiaries | -153.6 | -81.2 | ' |
Other | ' | ' | ' |
Net cash (used in) investing activities | -153.6 | -81.2 | ' |
Financing activities | ' | ' | ' |
Proceeds from issuance of bonds | 0 | ' | ' |
Principal payments of debt | ' | ' | ' |
Collection on (repayment of) intercompany debt | ' | ' | ' |
Payments on bonds | 0 | ' | ' |
Debt issuance and financing costs | ' | ' | ' |
Excess tax benefit of share-based payment arrangements | ' | ' | ' |
Increase (Decrease) in Restricted Cash | ' | ' | ' |
Net cash (used in) financing activities | ' | ' | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' |
Net (decrease) in cash and cash equivalents for the period | ' | ' | ' |
Cash and cash equivalents, beginning of period | ' | ' | ' |
Cash and cash equivalents, end of period | ' | ' | ' |
Spirit [Member] | ' | ' | ' |
Condensed Consolidating Statements of Operations [Abstract] | ' | ' | ' |
Net revenues | 1,613.60 | 1,312.10 | ' |
Operating costs and expenses | ' | ' | ' |
Cost of sales | 1,377.80 | 1,125.80 | ' |
Selling, general and administrative | 53.9 | 37.5 | ' |
Impact from severe weather event | ' | 8.8 | ' |
Research and development | 5.7 | 7 | ' |
Total operating costs and expenses | 1,437.40 | 1,179.10 | ' |
Operating income | 176.2 | 133 | ' |
Interest expense and financing fee amortization | -35.2 | -17.4 | ' |
Interest income | 2.6 | 2.5 | ' |
Other income (expense), net | 0.9 | 0.8 | ' |
Income (loss) before income taxes and equity in net loss of affiliates and subsidiaries | 144.5 | 118.9 | ' |
Income tax provision | -16.6 | -35.1 | ' |
Income (loss) Before Equity In Net Income (Loss) Of Affiliates and Subsidiaries | 127.9 | 83.8 | ' |
Equity in net income (loss) of affiliates | ' | ' | ' |
Equity in net income of subsidiaries | 27 | -1.4 | ' |
Net income | 154.9 | 82.4 | ' |
Total other comprehensive income (loss) | ' | 0.2 | ' |
Comprehensive Income, Net of Tax, Attributable to Parent | 154.9 | 82.6 | ' |
Current assets | ' | ' | ' |
Cash and cash equivalents | 355.8 | 255 | ' |
Short-term investments | 0.3 | ' | ' |
Restricted Cash and Cash Equivalents | 72.8 | ' | ' |
Accounts receivable, net | 860.4 | ' | 643.3 |
Inventory | 1,321.40 | ' | 1,340.20 |
Deferred tax asset - current | 23.2 | ' | 25.2 |
Other current assets | 20.4 | ' | 100.7 |
Total current assets | 2,654.30 | ' | 2,468.60 |
Property, plant and equipment, net | 1,306.80 | ' | 1,308 |
Pension assets | 240 | ' | 231.1 |
Investment in subsidiary | 281.4 | ' | 281.5 |
Equity In Net Assets Of Subsidiaries | 148.1 | ' | 119.4 |
Other assets | 431.4 | ' | 422.4 |
Total assets | 5,062 | ' | 4,831 |
Current liabilities | ' | ' | ' |
Accounts payable | 681.5 | ' | 666.5 |
Accrued expenses | 226.4 | ' | 189.9 |
Profit sharing | 15.4 | ' | 35.7 |
Current portion of long-term debt | 77.7 | ' | 12.9 |
Advance payments, short-term | 54.8 | ' | 133.5 |
Deferred revenue, short-term | 22.7 | ' | 15.7 |
Deferred grant income liability - current | ' | ' | ' |
Other current liabilities | 123.9 | ' | 137.1 |
Total current liabilities | 1,202.40 | ' | 1,191.30 |
Long-term debt | 1,134.60 | ' | 1,131.40 |
Advance payments, long-term | 777 | ' | 728.9 |
Pension/OPEB obligation | 71.2 | ' | 69.8 |
Deferred grant income liability - non-current | ' | ' | ' |
Deferred revenue and other deferred credits | 22.2 | ' | 22.7 |
Other liabilities | 255.1 | ' | 245.6 |
Total equity | 1,599.50 | ' | 1,441.30 |
Total liabilities and equity | 5,062 | ' | 4,831 |
Operating activities | ' | ' | ' |
Net cash (used in) operating activities | 59.6 | -42.1 | ' |
Investing activities | ' | ' | ' |
Purchase of property, plant and equipment | -42.8 | -68 | ' |
Purchase of property, plant and equipment - severe weather event (see Note 4) | ' | -5.8 | ' |
Proceeds from sale of assets | 0.1 | 0.1 | ' |
Consolidation of variable interest entity | ' | 0 | ' |
Equity in net assets of subsidiaries | ' | ' | ' |
Other | ' | 3.4 | ' |
Net cash (used in) investing activities | -42.7 | -70.3 | ' |
Financing activities | ' | ' | ' |
Proceeds from issuance of bonds | 300 | ' | ' |
Principal payments of debt | -8.6 | -1.7 | ' |
Collection on (repayment of) intercompany debt | 7 | ' | ' |
Payments on bonds | -227.2 | ' | ' |
Debt issuance and financing costs | -19.2 | ' | ' |
Excess tax benefit of share-based payment arrangements | 0.5 | ' | ' |
Increase (Decrease) in Restricted Cash | -72.8 | ' | ' |
Net cash (used in) financing activities | -20.3 | -1.7 | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' |
Net (decrease) in cash and cash equivalents for the period | -3.4 | -114.1 | ' |
Cash and cash equivalents, beginning of period | 359.2 | 369.1 | ' |
Cash and cash equivalents, end of period | 355.8 | 255 | ' |
Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Consolidating Statements of Operations [Abstract] | ' | ' | ' |
Net revenues | 87 | 48.5 | ' |
Operating costs and expenses | ' | ' | ' |
Cost of sales | 84.9 | 45.2 | ' |
Selling, general and administrative | 0.6 | 0.9 | ' |
Impact from severe weather event | ' | 0 | ' |
Research and development | ' | ' | ' |
Total operating costs and expenses | 85.5 | 46.1 | ' |
Operating income | 1.5 | 2.4 | ' |
Interest expense and financing fee amortization | ' | ' | ' |
Interest income | ' | ' | ' |
Other income (expense), net | ' | 0.1 | ' |
Income (loss) before income taxes and equity in net loss of affiliates and subsidiaries | 1.5 | 2.5 | ' |
Income tax provision | -0.5 | -1 | ' |
Income (loss) Before Equity In Net Income (Loss) Of Affiliates and Subsidiaries | 1 | 1.5 | ' |
Equity in net income (loss) of affiliates | ' | ' | ' |
Equity in net income of subsidiaries | ' | ' | ' |
Net income | 1 | 1.5 | ' |
Total other comprehensive income (loss) | ' | ' | ' |
Comprehensive Income, Net of Tax, Attributable to Parent | 1 | 1.5 | ' |
Current assets | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' |
Short-term investments | 0 | ' | ' |
Restricted Cash and Cash Equivalents | 0 | ' | ' |
Accounts receivable, net | 25.1 | ' | 15.3 |
Inventory | 229.8 | ' | 208.7 |
Deferred tax asset - current | ' | ' | ' |
Other current assets | ' | ' | ' |
Total current assets | 254.9 | ' | 224 |
Property, plant and equipment, net | 306.5 | ' | 305.3 |
Pension assets | ' | ' | ' |
Investment in subsidiary | ' | ' | ' |
Equity In Net Assets Of Subsidiaries | ' | ' | ' |
Other assets | 80 | ' | 80 |
Total assets | 641.4 | ' | 609.3 |
Current liabilities | ' | ' | ' |
Accounts payable | 256.7 | ' | 224.2 |
Accrued expenses | 0.8 | ' | 0.5 |
Profit sharing | ' | ' | ' |
Current portion of long-term debt | ' | ' | ' |
Advance payments, short-term | ' | ' | ' |
Deferred revenue, short-term | ' | ' | ' |
Deferred grant income liability - current | 7.7 | ' | 7.3 |
Other current liabilities | ' | ' | ' |
Total current liabilities | 265.2 | ' | 232 |
Long-term debt | 80 | ' | 80 |
Advance payments, long-term | ' | ' | ' |
Pension/OPEB obligation | ' | ' | ' |
Deferred grant income liability - non-current | 73.6 | ' | 75.6 |
Deferred revenue and other deferred credits | ' | ' | ' |
Other liabilities | ' | ' | ' |
Total equity | 222.6 | ' | 221.7 |
Total liabilities and equity | 641.4 | ' | 609.3 |
Operating activities | ' | ' | ' |
Net cash (used in) operating activities | 9.2 | 2.5 | ' |
Investing activities | ' | ' | ' |
Purchase of property, plant and equipment | -9.2 | -2.5 | ' |
Purchase of property, plant and equipment - severe weather event (see Note 4) | ' | 0 | ' |
Proceeds from sale of assets | ' | ' | ' |
Consolidation of variable interest entity | ' | 0 | ' |
Equity in net assets of subsidiaries | ' | ' | ' |
Other | ' | ' | ' |
Net cash (used in) investing activities | -9.2 | -2.5 | ' |
Financing activities | ' | ' | ' |
Proceeds from issuance of bonds | 0 | ' | ' |
Principal payments of debt | ' | ' | ' |
Collection on (repayment of) intercompany debt | ' | ' | ' |
Payments on bonds | 0 | ' | ' |
Debt issuance and financing costs | ' | ' | ' |
Excess tax benefit of share-based payment arrangements | ' | ' | ' |
Increase (Decrease) in Restricted Cash | ' | ' | ' |
Net cash (used in) financing activities | ' | ' | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' |
Net (decrease) in cash and cash equivalents for the period | ' | ' | ' |
Cash and cash equivalents, beginning of period | ' | ' | ' |
Cash and cash equivalents, end of period | ' | ' | ' |
Non-Guarantor Subsidiaries [Member] | ' | ' | ' |
Condensed Consolidating Statements of Operations [Abstract] | ' | ' | ' |
Net revenues | 205.8 | 165.7 | ' |
Operating costs and expenses | ' | ' | ' |
Cost of sales | 182.5 | 150.2 | ' |
Selling, general and administrative | 4.5 | 4.9 | ' |
Impact from severe weather event | ' | 0 | ' |
Research and development | 0.6 | 0.5 | ' |
Total operating costs and expenses | 187.6 | 155.6 | ' |
Operating income | 18.2 | 10.1 | ' |
Interest expense and financing fee amortization | -2.8 | -2.6 | ' |
Interest income | 0.1 | ' | ' |
Other income (expense), net | 0.3 | -10.8 | ' |
Income (loss) before income taxes and equity in net loss of affiliates and subsidiaries | 15.8 | -3.3 | ' |
Income tax provision | 10.3 | 0.4 | ' |
Income (loss) Before Equity In Net Income (Loss) Of Affiliates and Subsidiaries | 26.1 | -2.9 | ' |
Equity in net income (loss) of affiliates | 0.2 | -0.2 | ' |
Equity in net income of subsidiaries | ' | ' | ' |
Net income | 26.3 | -3.1 | ' |
Total other comprehensive income (loss) | 0.2 | -13.7 | ' |
Comprehensive Income, Net of Tax, Attributable to Parent | 26.5 | -16.8 | ' |
Current assets | ' | ' | ' |
Cash and cash equivalents | 26.3 | 58.1 | ' |
Short-term investments | 0 | ' | ' |
Restricted Cash and Cash Equivalents | 0 | ' | ' |
Accounts receivable, net | 227.9 | ' | 214.5 |
Inventory | 317.7 | ' | 293.7 |
Deferred tax asset - current | 1 | ' | 1.7 |
Other current assets | 2.2 | ' | 2.5 |
Total current assets | 575.1 | ' | 573.9 |
Property, plant and equipment, net | 187.5 | ' | 190 |
Pension assets | 22.3 | ' | 21.5 |
Investment in subsidiary | ' | ' | ' |
Equity In Net Assets Of Subsidiaries | ' | ' | ' |
Other assets | 22.6 | ' | 24.2 |
Total assets | 807.5 | ' | 809.6 |
Current liabilities | ' | ' | ' |
Accounts payable | 186.8 | ' | 185.2 |
Accrued expenses | 26.4 | ' | 30.2 |
Profit sharing | 1.3 | ' | 2.7 |
Current portion of long-term debt | 3.9 | ' | 3.9 |
Advance payments, short-term | ' | ' | ' |
Deferred revenue, short-term | 2.3 | ' | 4.1 |
Deferred grant income liability - current | 1.2 | ' | 1.3 |
Other current liabilities | 5.1 | ' | 7.1 |
Total current liabilities | 227 | ' | 234.5 |
Long-term debt | 270.7 | ' | 278.6 |
Advance payments, long-term | ' | ' | ' |
Pension/OPEB obligation | ' | ' | ' |
Deferred grant income liability - non-current | 32.3 | ' | 32.6 |
Deferred revenue and other deferred credits | 7.8 | ' | 8.2 |
Other liabilities | 24.2 | ' | 36.7 |
Total equity | 245.5 | ' | 219 |
Total liabilities and equity | 807.5 | ' | 809.6 |
Operating activities | ' | ' | ' |
Net cash (used in) operating activities | -23.8 | -5.8 | ' |
Investing activities | ' | ' | ' |
Purchase of property, plant and equipment | -1 | -3.9 | ' |
Purchase of property, plant and equipment - severe weather event (see Note 4) | ' | 0 | ' |
Proceeds from sale of assets | ' | ' | ' |
Consolidation of variable interest entity | ' | 2.1 | ' |
Equity in net assets of subsidiaries | ' | ' | ' |
Other | ' | -3.4 | ' |
Net cash (used in) investing activities | -1 | -5.2 | ' |
Financing activities | ' | ' | ' |
Proceeds from issuance of bonds | 0 | ' | ' |
Principal payments of debt | -0.9 | -0.9 | ' |
Collection on (repayment of) intercompany debt | -7 | ' | ' |
Payments on bonds | 0 | ' | ' |
Debt issuance and financing costs | ' | ' | ' |
Excess tax benefit of share-based payment arrangements | ' | ' | ' |
Increase (Decrease) in Restricted Cash | ' | ' | ' |
Net cash (used in) financing activities | -7.9 | -0.9 | ' |
Effect of exchange rate changes on cash and cash equivalents | -2.5 | -1.6 | ' |
Net (decrease) in cash and cash equivalents for the period | -35.2 | -13.5 | ' |
Cash and cash equivalents, beginning of period | 61.5 | 71.6 | ' |
Cash and cash equivalents, end of period | 26.3 | 58.1 | ' |
Consolidating Adjustments [Member] | ' | ' | ' |
Condensed Consolidating Statements of Operations [Abstract] | ' | ' | ' |
Net revenues | -177.9 | -84.1 | ' |
Operating costs and expenses | ' | ' | ' |
Cost of sales | -177.9 | -84.1 | ' |
Selling, general and administrative | ' | ' | ' |
Impact from severe weather event | ' | 0 | ' |
Research and development | ' | ' | ' |
Total operating costs and expenses | -177.9 | -84.1 | ' |
Operating income | ' | ' | ' |
Interest expense and financing fee amortization | 2.6 | 2.4 | ' |
Interest income | -2.6 | -2.4 | ' |
Other income (expense), net | ' | ' | ' |
Income (loss) before income taxes and equity in net loss of affiliates and subsidiaries | ' | ' | ' |
Income tax provision | ' | ' | ' |
Income (loss) Before Equity In Net Income (Loss) Of Affiliates and Subsidiaries | ' | ' | ' |
Equity in net income (loss) of affiliates | -0.2 | 0.2 | ' |
Equity in net income of subsidiaries | -182 | -81 | ' |
Net income | -182.2 | -80.8 | ' |
Total other comprehensive income (loss) | -0.2 | 13.5 | ' |
Comprehensive Income, Net of Tax, Attributable to Parent | -182.4 | -67.3 | ' |
Current assets | ' | ' | ' |
Cash and cash equivalents | ' | ' | ' |
Short-term investments | 0 | ' | ' |
Restricted Cash and Cash Equivalents | 0 | ' | ' |
Accounts receivable, net | -366.9 | ' | -322.3 |
Inventory | ' | ' | ' |
Deferred tax asset - current | ' | ' | ' |
Other current assets | ' | ' | ' |
Total current assets | -366.9 | ' | -322.3 |
Property, plant and equipment, net | ' | ' | ' |
Pension assets | ' | ' | ' |
Investment in subsidiary | -1,311.10 | ' | -1,307.80 |
Equity In Net Assets Of Subsidiaries | -756.5 | ' | -574.1 |
Other assets | -412.5 | ' | -419.5 |
Total assets | -2,847 | ' | -2,623.70 |
Current liabilities | ' | ' | ' |
Accounts payable | -366.9 | ' | -322.2 |
Accrued expenses | ' | ' | ' |
Profit sharing | ' | ' | ' |
Current portion of long-term debt | ' | ' | ' |
Advance payments, short-term | ' | ' | ' |
Deferred revenue, short-term | ' | ' | ' |
Deferred grant income liability - current | ' | ' | ' |
Other current liabilities | ' | ' | ' |
Total current liabilities | -366.9 | ' | -322.2 |
Long-term debt | -332.5 | ' | -339.5 |
Advance payments, long-term | ' | ' | ' |
Pension/OPEB obligation | ' | ' | ' |
Deferred grant income liability - non-current | ' | ' | ' |
Deferred revenue and other deferred credits | ' | ' | ' |
Other liabilities | -80 | ' | -80 |
Total equity | -2,067.60 | ' | -1,882 |
Total liabilities and equity | -2,847 | ' | -2,623.70 |
Operating activities | ' | ' | ' |
Net cash (used in) operating activities | -153.6 | -81.2 | ' |
Investing activities | ' | ' | ' |
Purchase of property, plant and equipment | ' | ' | ' |
Purchase of property, plant and equipment - severe weather event (see Note 4) | ' | 0 | ' |
Proceeds from sale of assets | ' | ' | ' |
Consolidation of variable interest entity | ' | 0 | ' |
Equity in net assets of subsidiaries | 153.6 | 81.2 | ' |
Other | ' | ' | ' |
Net cash (used in) investing activities | 153.6 | 81.2 | ' |
Financing activities | ' | ' | ' |
Proceeds from issuance of bonds | 0 | ' | ' |
Principal payments of debt | ' | ' | ' |
Collection on (repayment of) intercompany debt | ' | ' | ' |
Payments on bonds | 0 | ' | ' |
Debt issuance and financing costs | ' | ' | ' |
Excess tax benefit of share-based payment arrangements | ' | ' | ' |
Increase (Decrease) in Restricted Cash | ' | ' | ' |
Net cash (used in) financing activities | ' | ' | ' |
Effect of exchange rate changes on cash and cash equivalents | ' | ' | ' |
Net (decrease) in cash and cash equivalents for the period | ' | ' | ' |
Cash and cash equivalents, beginning of period | ' | ' | ' |
Cash and cash equivalents, end of period | ' | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 0 Months Ended | |
In Millions, unless otherwise specified | Apr. 03, 2014 | Apr. 01, 2014 | 1-May-14 |
ship_set | Senior Unsecured Notes Due 2017 [Member] | Subsequent Event [Member] | |
Senior Unsecured Notes Due 2017 [Member] | |||
Debt Instrument [Line Items] | ' | ' | ' |
Outstanding Balance Notes | ' | $72.80 | $72.80 |
B737 airplanes per month | 47 | ' | ' |
Boeing Advance Payment ShipSet | 1,001 | ' | ' |